Indian pharma exports witnessed a growth of 103% since 2013-14, from Rs. 90, 415 Crores in 2013-14 to Rs. 1,83,422 Crores in 2021-22. The exports achieved in 2021-22 is the Pharma Sector’ best export performance ever. As per the Ministry of Commerce and Industry exports grew by almost USD 10 billion in 8 years.
The trade balance continues to be in India’s favour, with a surplus of USD 15175.81 Million said the release from the ministry.
Indian pharma companies enabled by their price competitiveness and good quality, have made global mark, with 60 per cent of the world’s vaccines and 20% of generic medicines coming from India.
India ranks 3rd worldwide for production by volume and 14th by value. The current market size of the Indian pharmaceutical industry is around USD 50 billion. The share of pharmaceutical and drugs in our global exports is 5.92%. Formulations and biologicals continue to account for a major share of 73.31% in our total exports, followed by Bulk drugs and drug intermediates. India’s top 5 pharma export destinations are USA, UK, South Africa, Russia and Nigeria.