Pharma exports from India witnessed over 18 per cent growth to $24.44 billion during the last financial year against $20.58bn in FY20, Pharmaceuticals Export Promotion Council of India (Pharmexcil) said yesterday.
“We have observed a big leap in our exports in the month of March 2021 which is $2.3bn (figures for March are provisional) and is highest among the exports of all the months of this financial year, the growth rate for this month is 48.5pc against the exports in March 2020 ($1.54bn),’ Udaya Bhaskar, director general of Pharmexcil, said in a release.
Growth rate seems relatively big as the exports of March 2020 was crunched due to lockdown across the world and supply chain disruption, he was quoted as saying.
When the global pharma market is negatively grown by 1-2pc in 2020, there is a big surge in demand for Indian made generics owing to its quality and affordability, the official said adding Drug formulations and Biologicals is the second largest Principal commodity being exported by India.
North America is the largest exporting region for Indian pharmaceuticals with more than 34pc share.
Country wise exports to the US, Canada and Mexico have recorded a growth of 12.6, 30 and 21.4pc respectively.
South Africa being the second largest exporting country, recorded a big jump of 28pc growth while Europe was the third largest exporting region which has recorded approximately 11pc growth over previous year.