Hyderabad : India’s pharmaceutical exports have maintained their upward trend, reaching $25.3 billion, roughly ₹ 2,08,231 crore, for the financial year 2022-23 despite setbacks. according to data from the Pharmaceuticals Export Promotion Council of India (Pharmexcil), a division of the ministry of commerce and industry.
As the industry progresses, the focus will be on improving the quality image and building a reputation as a trustworthy and reliable supplier of quality-assured pharmaceutical products in the global market.
Although the growth rate fluctuated during the year, witnessing growth in eight months and then declining in four months, the industry was nevertheless able to surpass its $24.5 billion (about ₹ 2,01,673 crore) record by 3.25%.
Despite fluctuating growth rates during the year, with growth in eight months and a decline in four months, the industry managed to climb by 3.25% from the previous financial year’s $24.5 billion, roughly ₹ 2,01,673 crore. The USA, Belgium, South Africa, UK and Brazil remained the top five pharma importers, said Pharmexcil director general Ravi Udaya Bhaskar.
The director general highlighted the challenges in the sector, stating that world trade lost momentum in 2022, and will continue to remain subdued in 2023 due to factors such as the Ukraine-Russia crisis, inflation, and monetary tightening. The industry is also confronted with challenges as a result of the global slowdown, particularly in major export markets.
The official suggested that the Indian pharmaceutical industry should continue to improve its image on quality parameters and its reputation in the global market as a trustworthy and reputable supplier of quality-assured pharmaceutical products. Pharmexil has been working for the past two years to bring international regulators on a single platform to avoid duplication of work with regard to approvals. In the last two years, it has hosted regulators from over 50 countries.
The production-linked incentive scheme and bulk drug parks will contribute to the improvement of domestic manufacturing capabilities, and the activity will gather traction in due course. The official also stated that there has been a negative growth (-10.5%) in imports. Active pharma imports from China decreased from $4,718 million to $4,504 million, he said.
Drugs, formulations and biologics account for about 70-75% of the overall exports, with bulk drugs and drug intermediates accounting for 18 to 20%. Vaccines, Ayush and herbals, and surgicals make up the remaining exports from the country. Telangana accounts for about 20-30% of the total exports, with a vast number of companies manufacturing generics and active pharmaceutical ingredients. Telangana, which has the highest USFDA-approved facilities (214), exports vaccines and pharmaceutical products to more than 150 countries.