New Delhi : The exports of drugs and pharmaceuticals during the month of August, 2022 has registered a growth of 6.61 per cent as compared to the corresponding month of last year, according to the preliminary data released by the ministry of commerce and industry. The growth comes against a slight decline of around one per cent reported in the month of July, 2022.
The sector has reported an export of $2.14 billion as compared to the $2 billion exports registered in August, 2021. The share of pharma in the overall exports during the month of August, this year, is at 6.49 per cent, which is slightly higher than the annual share of over 5 per cent.
The growth is less than one per cent during the month of August, compared to the previous month of July, when the exports was at $2.12 billion according to the quick estimates released by the middle of August.
The exports during the first five months of the current fiscal year, till August, 2022, crossed $10.52 billion, as compared to the $9.94 billion exports registered during the corresponding period of last year. The growth during the five months was around 5.83 per cent.
It may be noted that the exports have seen an 8.05 per cent growth during the first quarter of the fiscal year, from April to June, 2022, following the trend of growth reported in the Latin American and ASEAN countries market in the previous year.
Analytics major CRISIL in a report released in the second half of August has said that a sluggish export sales in the regulated markets and high-base effect in the domestic formulations business is expected to impact the pharma industry which could registered a moderate revenue growth of 7-9 per cent in the current fiscal year.
The exports of drugs and pharmaceuticals during the fiscal year 2021-22 witnessed a growth of 0.66 per cent at $24.6 billion as compared to $24.44 billion during the previous fiscal year. The growth was achieved despite several issues the global industry faced during the year, said industry experts.
Pharma exports witnessed a growth of 103 percent since 2013-14, from Rs. 90,415 crore in 2013-14 to Rs. 1,83,422 crore in 2021-22. The exports achieved in 2021-22 is the Pharma Sector’ best export performance ever, claimed the ministry of commerce recently. The exports grew by almost $10 billion in eight years.
It said that the pharma exports in 2021-22 sustained a positive growth despite the global trade disruptions and drop in demand for Covid related medicines. The trade balance continues to be in India’s favour, with a surplus of $15.18 billion, it said.
Around 55 per cent of its pharma exports cater to highly regulated markets. Indian pharma companies have a substantial share in the prescription market in the US and EU. The largest number of US Food and Drug Administration approved plants outside the US is in India, it added.
In the year 2020-21, Indian drugs and pharmaceuticals had registered a sharp growth amid the Covid-19 despair, achieving an export of $24.4 billion with a YoY growth of 18 per cent.
