India's pharmaceutical exports grow 10% to $28 billion in FY24

The country's pharmaceutical exports increased by 9.67 percent on an annual basis to US $ 27.9 billion in the financial year 2023-24. Earlier, in the financial year 2022-23, the country's pharmaceutical export was $ 25.4 billion.

• According to Union Commerce Ministry data, pharmaceutical exports increased by 12.73 percent to $2.8 billion in March 2024.

Top destination countries for Indian pharmaceutical exports:

• Indian pharmaceutical exports have been seen at the global level in the financial year 2023-24. The top destination countries for Indian pharmaceutical exports during this period were:
  • America
  • Britain
  • Netherlands
  • Britain
  • South Africa
  • Brazil
• In the financial year 2023-24, America's share in India's total pharmaceutical exports was more than 31 percent.

India's pharmaceutical industry will exceed US$ 130 billion by 2030:

• Industry experts believe that India's pharmaceutical industry turnover could exceed US$130 billion by 2030.
• This will be possible on the basis of expanding market opportunities and increasing demand in foreign markets. The turnover in the financial year 2022-23 was more than US $ 50 billion.
• According to industry experts, growing market opportunities and demand in countries like the US are helping exports register growth on a monthly basis.

India's pharmaceutical industry is 3rd largest industry in world:

• On an average, India exports pharmaceutical products worth two to three billion dollars every month. India's pharmaceutical industry is the third largest by volume in the world. Whereas it is the 13th largest industry in the world by value.
• India's pharmaceutical industry produces more than 60,000 generic drugs across 60 therapeutic categories.
• The Government of India has launched two Production Linked Incentive (PLI) schemes to promote domestic manufacturing of key pharmaceutical ingredients and generic drugs.

Approved government schemes to promote pharmaceutical manufacturing:

• The Government of India is running several government schemes to promote pharmaceutical manufacturing; In which mainly the following schemes have been approved:
  • Creation of common infrastructure in 3 Bulk Drugs Parks with an investment of Rs 3,000 crore over the next 5 years to promote Bulk Drugs Parks.
  • To promote Production Linked Incentive (PLI) Scheme to promote domestic production of critical drugs intermediates and APIs in the country with an amount of Rs 6,940 crore over the next 8 years.

About Active Pharmaceutical Ingredients (API):

• The substance or combination of substances used in the manufacture of a medicine required for the treatment, prevention or other medicinal activity of a disease is called 'active pharmaceutical ingredient'.

Promotion of Bulk Drugs Park:

• It has been decided to develop 3 Bulk Drug Parks in India with the cooperation of States.
• The government will provide a maximum financial assistance of Rs 1,000 crore to the states for each Bulk Drug Park.
• For this, Rs 3,000 crore has been sanctioned during the next 5 years.