India’s exports of drugs and pharmaceuticals touched Rs 1,83,422 crore in 2021-22 — a growth of 103 per cent compared to 2013-14.
India ranks third worldwide for production by volume and 14th by value. According to an official statement, India’s pharma success story had been driven by the excellence in manufacturing, robust infrastructure, cost-competitiveness, trained human capital and innovation. The current market size of the Indian pharmaceutical industry is around $50 billion.
According to the statement 55 per cent of Indian pharma exports cater to highly regulated markets. Indian pharma companies have a substantial share in the prescription market in the US and EU, the statement added.
Sixty per cent of global vaccines and 20 per cent of generic medicines come from India. India also exported Covid 19 vaccines to a large number of countries.
As part of the trade agreements, India also signed a cooperation agreement with UAE and Australia which will give enhanced access to Indian pharma products to these markets.
The US, UK, Russia, South Africa and Nigeria comprise India’s top export destinations.
The India Brand Equity Foundation data revealed that the foreign direct investment inflows in the Indian drugs and pharmaceuticals sector touched $ 1.206 billion between April-December 2021.
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