Pharma export reports 9.7% growth in financial year 2023-24
Exports of drugs and pharmaceuticals from the country has registered a 9.67 per cent growth during the financial year 2023-24, as compared to a meagre 3.25 per cent growth reported during the fiscal year 2022-23. The month of March, 2024 saw the exports growing 12.73 percent as compared to the same month of previous fiscal year.
The exports of pharmaceuticals for FY 24 stood at $27.85 billion as compared to $25.39 billion registered for the corresponding 12 months of financial year 2022-23, according to provisional official data. The growth is significant, compared to the 3.25 per cent growth in exports reported in 2022-23, as compared to $24.59 billion in the fiscal year 2021-22.
For the month of March, the Indian pharma firms registered exports of $2.80 billion as compared to $2.49 billion reported in the same month of last year, registering a growth of 12.73 per cent.
In Rupee terms, the pharma exports during the fiscal 2023-24 stood at Rs. 2.30 lakh crore, which is 13 per cent growth compared to Rs. 2.04 lakh crore of exports reported in the previous fiscal year. The exports in March stood at Rs. 23,262.4 crore, as compared to Rs. 20,458.97 crore, with a 13.7 percent growth.
The imports of medicinal and pharmaceutical products, during the fiscal 2023-24 grew 2.02 per cent to $8.27 billion as compared to $8.10 billion in the previous fiscal year. The month of March, 2024 witnessed a decline of 2.85 per cent in imports, to $681.18 million as compared to $701.19 million in the same month of previous fiscal year.
As reported earlier, the exports of drugs and pharmaceuticals during the month of February, 2024 posted a significant growth of 22.24 per cent to $2.51 billion as compared to $2.05 billion in the same month of previous fiscal year.
It may be noted that the imports during the fiscal year of 2022-23 reported a decline of over 10 per cent, as compared to $9.07 billion reported during fiscal year 2021-22.
In Rupee terms, the fiscal year saw imports growing at 5.16 per cent to Rs. 68,461.83 crore, as compared to Rs. 65,104.23 crore during the same period of previous fiscal year. The month of March, 2024 saw imports declining 2.02 per cent to Rs. 5,653.63 crore as compared to Rs. 5,769.97 crore in the same month of last fiscal year.
The ministry of health and family welfare in June, last year, said that India’s drug and pharmaceutical products exports grew by 125 per cent from Rs. 90,415 crore in 2013-14 to Rs. 2,04,110 crore in 2022-23.
India’s pharma exports contributed 5.6% of merchandise exports during 2022-23. Drug formulations & biologicals is the third largest principal commodity being exported by India, according to Pharmexcil.
The Council, in its Hand Book 2023, said that during FY-23 India has exported to over 210 destinations across the world and around 60% of exports are to highly regulated markets like North America and Europe.
India has the maximum number of US FDA-approved manufacturing sites outside the USA. USA is the largest exporting partner of India by country and nine Indian companies featured among the top 25 global generic companies. Indian companies have bagged 41.74% of market authorizations granted by US FDA in the calendar year 2022. India shares 38.25% of Africa’s generic market value of $ 8.5 billion. Almost 65-70% of WHO’s vaccines (essential immunization schedule) requirements are sourced from India, it added.
