10% growth in pharma exports in FY24

India’s drugs and pharmaceuticals exports increased 9.67 per cent year-on-year to $27.9 billion in 2023-24, even as the total exports dipped by three per cent in the last fiscal.

According to the Commerce Ministry data, pharma exports in March grew by 12.73 per cent to $2.8 billion. In 2022-23, the exports stood at $25.4 billion. The top five export markets, for the sector during the last fiscal, are the US, the UK, the Netherlands, the United Kingdom, South Africa and Brazil.

The US accounts for over 31 per cent of India’s total pharma exports, followed by the UK and Netherlands (about 3% each). In 2023-24, the outbound shipments also entered new geographies like Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti and Ethiopia.

An industry expert said that increasing market opportunities and healthy demand in countries like the US are helping exports to record healthy growth rates month after month.