Indian Pharma Exports Grew 138 Percent in the Post Pandemic Era
India’s pharma exports have increased 138 percent in April-October 2022-23 compared to the same period of 2013-14 when the country became the pharmacy for the world.
India’s pharma exports witnessed a growth of 138 percent since April-October 2013-14, from Rs 37,987.68 crores in 2013-14 to Rs 90,324.23 crores in 2021-22.
Union Health Minister Mansukh Mandaviya in a tweet attaching an infographic of India’s pharmaceutical exports over these years said India’s medicine exports are heading the world.
“India is Healing The World India’s export of pharma products registered a tremendous growth of 138 percent in April-October 2022 over the same period in 2013 under PM Narendra Modi ji’s visionary leadership has emerged as a Global Pharma Powerhouse!” Mandaviya said in a tweet.
Prime Minister Narendra Modi in January while addressing the Davos Summit said that India was now a pharmacy to the world and is the third-largest pharma-producer in the world, adding that India saved crores of lives during the Covid-19 pandemic by supplying vaccines and essential medicines to many countries under ‘One Earth One Health’ vision.
“In this time of Corona, we have seen how India following the vision of ‘One Earth, One Health’ is saving crores of lives by giving essential medicines, and vaccines to many countries,” PM Modi said while delivering the ‘state of the world’ address virtually at the World Economic Forum’s Davos Agenda.
Building on the outstanding performance in the previous FY 2020-21, Indian pharma exports once again registered a healthy performance in 2021-22. The pharma exports in 2021-22 sustained positive growth despite the global trade disruptions and drop in demand for COVID-related medicines.
In May, Indian pharma companies, enabled by their price competitiveness and good quality, made a global mark, with 60 percent of the world’s vaccines and 20 percent of generic medicines coming from India.
The share of pharmaceuticals and drugs in our global exports was 5.92 percent in May.
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.
Even in the year 2020-21, Indian drugs and pharmaceuticals had registered a sharp growth amid the COVID despair, achieving an export of USD 24.4 Bn with a YoY growth of 18 percent.
The extraordinary exports growth in 2020-21 was achieved by braving the frequent lockdowns, global supply chain disruptions and the depressed manufacturing sector. The Indian pharma industry played a pivotal role in fighting against the COVID pandemic and demonstrating to the world that we continue to be a reliable and dependent partner when it comes to dealing with a global health crisis.
The Indian vaccine industry developed Covid vaccine with indigenous technology in collaboration with India’s research institutions like Indian Council of Medical Research (ICMR) and the National Institute of Virology (NIV) within shortest time on par with highly developed countries like America and EU. India provided 115 million doses of vaccines to more than 97 countries.
As part of the trade agreements, India has also signed a cooperation agreement with the UAE and Australia which will give enhanced access to Indian pharma products to these markets.