Pharma exports may return to double digit-growth rate: Pharmexcil

Drug shortages in US and EU, revival in Africa key drivers

Owing to drug shortages in the US and Europe and revival in demand in Africa, pharmaceutical exports from India are likely to touch $28 billion in 2023-24, registering 10.2 per cent growth, said a senior official at the Pharmaceutical Export Promotion Council (Pharmexcil).
 

India’s pharma exports grew 3.2 per cent in FY23 to $25.4 billion, led primarily by Europe and the US.

Exports to countries such as Zambia, Nigeria, Zimbabwe, and Burkina Faso dipped, bringing down shipments to the African region by 5.4 per cent.
 

However, between April and October this year pharma exports grew 8.13 per cent to about $15.8