India's pharma exports touch Rs 1.8 trillion in FY22, flat over FY21

India ranks third worldwide for production in terms of volume and 14th by value, says commerce ministry.

India’s pharma exports touched Rs 1.8 trillion in fiscal 2022, said the commerce ministry, marking flat growth compared to last fiscal.

In the pandemic year of 2020-21, pharma exports had grown by 18 percent to $24.4 bn (roughly Rs 1.8 lakh crore at current exchange rates).

The Ministry said compared to 2013-14, pharma exports from the country have doubled. India had exported Rs 90,415 crore worth of pharma products in FY14.

"Indian pharma companies enabled by their price competitiveness and good quality have made a global mark, with 60 percent of the world's vaccines and 20 percent of generic medicines coming from India," the ministry said.

India ranks third worldwide for production in terms of volume and 14th by value. The current market size of the domestic pharmaceutical industry is around $50 billion. The share of pharmaceuticals and drugs in the global exports is 5.92 percent.

Formulations and biologicals continue to account for a major share of 73.31 percent of the country's total exports, followed by bulk drugs and drug intermediates, according to the ministry.

India's top five pharma export destinations are the US, UK, South Africa, Russia and Nigeria. Around 55 percent of our pharma exports cater to highly regulated markets.

"Even in the year 2020-21, Indian drugs and pharmaceuticals had registered a sharp growth amid the COVID despair, achieving an export of $24.4 billion with a YoY growth of 18 percent," it said.