India's pharmaceutical exports in the financial year 2022-23 continued their upward trajectory, reaching $25.3 billion (approximately Rs 2,08,231 crore), according to data from the Pharmaceuticals Export Promotion Council of India (Pharmexcil), a division of the Ministry of Commerce and Industry.
The industry faces challenges such as a global trade slowdown in 2022, expected to continue into 2023 due to factors like the Ukraine-Russia crisis, inflation, and monetary tightening. The sector is also impacted by the global economic slowdown in key export markets.
To address challenges, the Indian pharmaceutical industry is advised to focus on improving its reputation as a reliable supplier of quality-assured pharmaceutical products in the global market. Efforts are underway to streamline international regulatory processes to avoid duplication of work in approvals.
Initiatives like the production-linked incentive scheme and bulk drug parks aim to enhance domestic manufacturing capabilities, with negative growth in pharmaceutical imports reported, particularly from China.
The majority of exports comprise drugs, formulations, and biologics, accounting for about 70-75% of total exports. Bulk drugs and drug intermediates make up 18-20%. Other exports include vaccines, Ayush and herbal products, and surgical.
Telangana plays a significant role in pharmaceutical exports, contributing 20-30% of the total. The state is home to 214 USFDA-approved facilities and exports vaccines and pharmaceutical products to over 150 countries.
Additionally, initiatives such as the production-linked incentive scheme and bulk drug parks aim to boost domestic manufacturing capabilities. Importantly, there has been a negative growth in pharmaceutical imports, particularly from China.
In Summary
India's pharmaceutical exports in the financial year 2022-23 continued their upward trajectory, reaching $25.3 billion. With export composition led by drugs, formulations, and biologics, plus domestic manufacturing initiatives and Telangana's contribution, India remains the pharmacy of the world.
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Quick answers about India's record pharmaceutical export milestone.
India's pharmaceutical exports continued their upward trajectory, reaching $25.3 billion (approximately Rs 2,08,231 crore), according to data from the Pharmaceuticals Export Promotion Council of India (Pharmexcil).
The industry faces a global trade slowdown expected to continue into 2023 due to factors like the Ukraine-Russia crisis, inflation, monetary tightening, and the economic slowdown in key export markets.
The majority of exports comprise drugs, formulations, and biologics, accounting for about 70-75% of total exports, with bulk drugs and drug intermediates making up 18-20%. Other exports include vaccines, Ayush and herbal products, and surgical items.
Telangana contributes 20-30% of the total, is home to 214 USFDA-approved facilities, and exports vaccines and pharmaceutical products to over 150 countries.
Initiatives like the production-linked incentive scheme and bulk drug parks aim to enhance domestic manufacturing capabilities, with negative growth in pharmaceutical imports reported, particularly from China.