India’s Pharma exports grow 103% in 8 years

New Delhi, May 1 : Indias pharma exports have witnessed a growth of 103 per cent since 2013-14 from Rs 90,415 crore to Rs 1,83,422 crore in 2021-22.

The exports achieved in 2021-22 is the Pharma Sectors best export performance ever and is a remarkable growth with exports growing by almost USD 10 billion in eight years, said Ministry of Commerce & Industry in a statement on Sunday.

Highlighting the achievement in a tweet, the Union Minister of Commerce and Industry Piyush Goyal said: "Indias booming drugs & pharmaceuticals exports more than double in 2021-22 compared to 2013-14.Under the active leadership of PM @NarendraModi ji, India is serving as Pharmacy of the World".

The pharma exports in 2021-22 sustained a positive growth despite the global trade disruptions and drop in demand for COVID related medicines.The trade balance continues to be in Indias favour, with a surplus of USD 15175.81 Million, said the ministry.India ranks third worldwide for production by volume and 14th by value.

Indian pharma companies have made global mark with 60 per cent of the worlds vaccines and 20 per cent of generic medicines coming from India.The share of pharmaceutical and drugs in Indias global exports is 5.92 per cent.The formulations and biologicals continue to account for a major share of 73.31 per cent in total exports, followed by Bulk drugs and drug intermediates with exports of USD 4437.64 million.Indias top five pharma export destinations are the US, UK, South Africa, Russia and Nigeria.

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