India's Pharma exports grow by 103% since 2013-14

India's pharma exports witnessed a growth of 103 per cent since 2013-14 from Rs 90,415 crore in 2013-14 to Rs 1,83,422 crore in 2021-22. The exports achieved in 2021-22 is the Pharma Sector' best export performance ever. It is a remarkable growth with exports growing by almost USD 10 billion in 8 years.

Highlighting the achievement in a tweet, Commerce and Industry Minister Piyush Goyal said that under the active leadership of Prime Minister Narendra Modi India has been serving as the 'pharmacy of the world'.

Building on the outstanding performance in the previous Fiscal Year 2020-21, Indian pharma exports once again registered a healthy performance in 2021-22.

The pharma exports in 2021-22 sustained a positive growth despite the global trade disruptions and drop in demand for COVID-related medicines. The trade balance continues to be in India's favour, with a surplus of nearly USD 15,176 million.

India ranks third worldwide for production by volume and 14th by value. Indian pharma companies have made global mark with 60 per cent of the world's vaccines and 20 per cent of generic medicines coming from India.

The share of pharmaceutical and drugs in India's global exports is 5.92 per cent. The formulations and biologicals continue to account for a major share of 73.31 per cent in total exports, followed by Bulk drugs and drug intermediates with exports of USD 4437.64 million. India's top five pharma export destinations are the US, UK, South Africa, Russia and Nigeria.