India’s Pharma Exports grow over 125% in last 9 years

In a major feat, India's Drug and Pharmaceutical products exports grow by 125 per cent from Rs. 90,415 Crore in 2013-14 to Rs. 2,04,110 Crore in 2022-23. Drugs and Pharmaceuticals exports constitute 5.71 per cent of the total exports from India. India ranks 3rd worldwide for the production of Drugs and Pharmaceuticals by volume exporting to around 200 countries/territories with the top 5 destinations being the USA, Belgium, South Africa, UK, and Brazil.

India also accounts for 60 per cent of global vaccine production making it the largest vaccine producer in the world. India is also one of the biggest suppliers of low-cost vaccines in the world and is the largest provider of generic medicines globally, occupying a 20% share in global supply by volume. Further, India has supplied over 298 million COVID-19 vaccines to around 100 countries across the globe under Vaccine Maitri initiative (till May 19, 2023).

Government of India has launched three Production Linked Incentive (PLI) Schemes, – Bulk Drugs (2020), Medical Devices (2020) and Pharmaceuticals (2021), to attain self-reliance, boost domestic manufacturing and attract large investments in the sector. The following table illustrates the investment received under the PLI Schemes (till March 2023):