INDIA —India’s pharmaceutical exports increased by 4.22% to reach US$14.57 billion from April to October, according to Mr. Udaya Bhaskar, Director General of the Pharmaceuticals Export Promotion Council of India (Pharmexcil).
The exports brought in US$13.98 billion during the same period previous fiscal.
He expressed optimism that the current fiscal year would end with approximately US$27 billion as opposed to US$24.62 billion in the previous fiscal year.
USA, Canada, and Mexico (NAFTA international locations), Europe, and Africa account for 67.5 percent (practically US$5 billion) of the full exports.
The top five export destinations for Indian Pharma Industry in 2021-22 were USA, the UK, South Africa, Russia, and Nigeria.
Exports increased by 12.55% to US$263.35 billion between April and October, 2022.
“There was a dip (-0.32 percent) in July and (-5.45 percent) and there was 8.47 percent positive growth in September. I am optimistic that it will be revived in the coming months and may touch US$27 billion at the end of the fiscal,” Bhaskar said.
During the identical interval final fiscal, the exports fetched US$13.98 billion.
Bhaskar mentioned strengthening of greenback towards the currencies of a few of the key international locations has additionally resulted in decline in exports during October in addition to the sanctions ensuing from the Russia-Ukraine conflict.
“Our exports in the category of vaccines are in a very bad shape. Despite the above and Russia-Ukraine war factors, we are on a positive side,” he mentioned.
According to data recently issued by the Ministry of Commerce, India’s overall exports decreased by 16.65% to US$29.78 billion in October 2022 as compared to the same time in the previous year.
“For instance, Nigeria is, without doubt, one of the high 5 markets for Indian pharma exports. The steady depreciation of Nigerian Naira towards the US Dollar has compelled that nation to go slow on imports,” the official additionally mentioned.
Union Health Minister Mansukh Mandaviya, in a latest tweet, mentioned India has emerged as a worldwide pharma powerhouse under Prime Minister Narendra Modi’s rule.
The Indian pharmaceutical sector witnessed a 200% increase in foreign direct investment (FDI) in 2020-21, noted the Economic Survey 2021-22.
Prime Minister Narendra Modi in January while addressing the Davos Summit said that India was now a pharmacy to the world and is the third-largest pharma-producer in the world, adding that India saved many lives during the Covid-19 pandemic by supplying vaccines and essential medicines to many countries under ‘One Earth One Health’ vision.
During 2020-21, total pharma exports stood at US$24.4 billion against the total pharma import of US$7.0 billion, thereby generating a trade surplus of US$17.5 billion.
India is the largest supplier of generic medicines with a 20 percent share in the global supply. “Price competitiveness and good quality have enabled Indian medicines producers to be dominant players in the world market, thereby making the country the “Pharmacy of the world,” the survey said.
Indian pharma companies have a substantial share in the prescription market in the US and EU as well as the largest number of FDA-approved plants outside the US.
As of August 2021, the number of US Food and Drug Administration (FDA)-approved facilities stood at 741.
Additionally, the number of Abbreviated New Drug Applications (ANDAs) won by Indian firms till December 2020 stood at 4,346.
USFDA inspections were not conducted during the last couple of years due to the Covid pandemic, however, the inspections have started happening now and are expected to further increase Indian exports to USA.