India takes another step towards becoming pharmacy of the world as exports grow by 103% since 2013-14

India's top five pharma export destinations are the US, UK, South Africa, Russia and Nigeria.

|May 01, 2022, 21:23:16 IST

New Delhi: Pharma exports have touched Rs 1,83,422 crore in 2021-22 against Rs 90,415 crore in 2013-14, the commerce ministry said on Sunday.

India's pharma exports in 2021-22 sustained a positive growth despite the global trade disruptions and drop in demand for COVID-related medicines, it added.

"Indian pharma companies enabled by their price competitiveness and good quality, have made a global mark, with 60 per cent of the world's vaccines and 20 per cent of generic medicines coming from India," the ministry said.

India ranks third worldwide for production in terms of volume and 14th by value. The current market size of the domestic pharmaceutical industry is around $50 billion. The share of pharmaceuticals and drugs in the global exports is 5.92 per cent.

Formulations and biologicals continue to account for a major share of 73.31 per cent of the country's total exports, followed by bulk drugs and drug intermediates, according to the ministry.

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India takes another step towards becoming pharmacy of the world as exports grow by 103% since 2013-14

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India remains among fastest-growing major economies despite global uncertainty, says RBI Bulletin

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Brent crude climbs to $94 as analysts expect oil prices to stay in $90–100 range

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India's gem and jewellery exports jump 26.5% in June on stronger global demand