The drop in exports in February and March has dragged pharmaceutical export growth down to a single digit of 7.57 per cent to $20.58 billion in the year 2019-20, according to the Pharmaceutical Exports Promotion Council of India (Pharmexcil).
Indian pharma exports stood at $19.13 billion in FY19, up 10.72 per cent over the previous year.
Pharmexcil data showed export growth started declining in February, registering a 7.7 per cent increase as compared to an average monthly export growth of 11.5 per cent during the previous ten months. The figure turned negative in March, a -23.24 per cent.
The export of formulations, which makes up 72 per cent of total pharma exports from India, was up 9.5 per cent growth, according to the pharma industry body.
Indian pharma exports during February and March are usually quite brisk, and reach 22-23 per cent in the first ten months of the financial year. Having seen a healthy pace of shipments in the first three quarters and price stabilisation in the US, it was estimated that the FY20 exports would reach $22 billion mark.
"However, the Covid-19 pandemic has impacted Indian pharma exports to a certain extent and brought down the value from $22 billion to $20.58 billion with overall growth of 7.57 per cent from double-digit growth," Pharmexcil director general Udaya Bhaskar said.