Indian pharma exports firm at $4.9 billion
The data showed that the sector has made a 7.38 per cent expansion compared with the same period last year. This indicates that the industry is continuing with its upward trajectory and marking a significant presence globally.
This growth is due to 'strategic initiatives focused on sustainable manufacturing, expanded global market presence, and digital innovation,' Pharmexcil said, adding that the efforts may bolster India's ambitious goal of achieving a trillion-dollar trade target for its pharma industry.
'India's pharmaceutical exports continue to demonstrate a steady year-over-year growth, with drug formulations and biologicals continuing to dominate the export category,' Namit Joshi, chairman of Pharmexcil, was quoted as saying in a media report.
'We attribute this growth to rising global demand, streamlined regulatory approvals, technological innovations, strategic partnerships, and economic stability,' Joshi added.
Notably, formulations and biologicals accounted for 75.74 per cent of the total of the pharma exports. Bulk drugs and drug intermediates also expanded by 4.40 per cent in May. Vaccine exports saw a 13.64 per cent increase and reached $190.13 million, while surgical items (up 8.58 per cent) and Ayush and herbal products (up 7.36 per cent) also saw healthy growth.
According to Pharmexcil, about 76 per cent of India's pharmaceutical export destinations include the North American Free Trade Agreement (NAFTA) region, as well as Europe, Africa, and Latin America.
However, the US remains the top destination. In May, exports to the country were valued at $1.7 billion in May -- representing 34.5 per cent of total pharma exports and a 1.5 per cent expansion.
While Europe and Africa saw moderate growth, the ASEAN region emerged as a newly contracted area.
According to Joshi, the India-UK Free Trade Agreement (FTA) discussions showed it will significantly enhance supply chains and improve access to affordable medicines. It will also attract foreign direct investment, particularly in contract development and manufacturing (CDMO) and joint research.
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