Indian Pharma exports

News: Indian pharma exports witnessed a growth of 103% from 2013-14, from Rs. 90, 415 Crores in 2013-14 to Rs. 1, 83, 422 Crores in 2021-22. The exports achieved in 2021-22 is the Pharma Sector’s best export performance ever. 

Utility: UPSC, JPSC, BPSC Prelims & Mains
Section: Economy / External Sector / Balance of Trade

Key Points

  • 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 favor, with a surplus of USD 15175.81 Million.  
  • Indian pharma companies enabled by their price competitiveness and good quality, have made a global mark.
  • As with 60 percent of the world’s vaccines and 20% of generic medicines are coming from India.
  • India ranks 3rd worldwide for production by volume and 14th by value.
  • The current market size of the Indian pharmaceutical industry is around USD 50 billion.
  • ImageThe share of pharmaceuticals and drugs in our global exports is 5.92%.
  • Formulations and biologicals continue to account for a major share of 73.31% in our total exports, followed by Bulk drugs and drug intermediates.
  • India’s top 5 pharma export destinations are the USA, UK, South Africa, Russia, and Nigeria.
  • It is also noteworthy that around 55 % of our pharma exports cater to highly regulated markets.
  • Indian pharma companies have a substantial share in the prescription market in the US and EU. 
  • The largest number of FDA-approved plants outside the US is in India. 

Indian Pharma Sector

  • India’s domestic pharmaceutical market is at US$ 42 billion in 2021 and likely to reach US$ 65 billion by 2024 and further expand to reach ~US$ 120-130 billion by 2030.
  • The domestic pharmaceutical industry includes a network of 3,000 drug companies and ~10,500 manufacturing units.
  • Presently, over 80% of the antiretroviral drugs used globally to combat AIDS (Acquired Immune Deficiency Syndrome) are supplied by Indian pharmaceutical firms.
  • India’s biotechnology industry comprises biopharmaceuticals, bio-services, bio-agriculture, bio-industry, and bioinformatics.
  • The Indian biotechnology industry was valued at US$ 70.2 billion in 2020 and is expected to reach US$ 150 billion by 2025.
  • Indian pharmaceutical exports stood at US$ 24.44 billion in FY21 and US$ 22.21 billion in FY22 (until February 2022).
  • India is the 12th largest exporter of medical goods in the world.
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