New Delhi: Exports of drugs and pharmaceuticals during the month of February posted a significant growth of 22.24 per cent as compared to the same month of previous year. For the 11 months of the fiscal year, exports have reported a growth of 9.34 per cent, according to the Central government.
According to the initial estimates for the month of February, the pharma sector reported a growth to $2.51 billion, as compared to $2.05 billion in the same month of last year. The growth compared to the previous month of January, 2024, is also significant at 17.84 per cent.
Exports during the 11 months from April, 2023 to February, 2024 stood at $ 25.04 billion as compared to $22.90 billion during the same period of previous fiscal year. The export for the 11 months is also closer to the total exports during the financial year ended March, 2023, which was $25.39 billion.
In rupee terms, exports growth during the month of February, 2023 was at 22.77 per cent to Rs. 20,851.39 crore, as compared to Rs. 16,984.03 crore during the same month of previous year. The cumulative exports for the 11 months grew 12.91 per cent to Rs. 2.07 lakh crore, as compared to Rs. 1.83 lakh crore during the same period of last year.
Imports of medicinal and pharmaceutical products during the month of February grew 7.14 per cent to $661.07 million as compared to $617.01 million during the same period of last year. The imports for the 11 months from April 2023, stood at $7.58 billion as compared to $7.40 billion during the same period of the corresponding fiscal year.
In rupee terms, the imports grew 7.60 per cent to Rs. 5,484.51 crore during February, as compared to Rs. 5,097 crore in the same month of last year. The total imports during the 11 months till February, 2024 grew 5.86 per cent to Rs. 62,808.29 crore as against Rs. 59,334.26 crore during the corresponding 11 months last fiscal year.
As reported earlier, the month of January posted a growth of 6.84 per cent to $2.13 billion from $1.99 billion registered during the same month of last year. The 10 month import till January reported 2.06 per cent growth to $6.92 billion as compared to $6.78 billion in the same period of previous fiscal year.
The ministry of health and family welfare in June, last year, said that India’s drug and pharmaceutical products exports grew by 125 per cent from Rs. 90,415 crore in 2013-14 to Rs. 2,04,110 crore in 2022-23.
India’s pharma exports contributed 5.6% of merchandise exports during 2022-23. Drug formulations & biologicals is the third largest principal commodity being exported by India, according to Pharmexcil.
The Council, in its Hand Book 2023, said that during FY-23 India has exported to over 210 destinations across the world and around 60% of exports are to highly regulated markets like North America and Europe.
India has the maximum number of US FDA-approved manufacturing sites outside the USA. USA is the largest exporting partner of India by country and nine Indian companies featured among the top 25 global generic companies. Indian companies have bagged 41.74% of market authorizations granted by US FDA in the calendar year 2022. India shares 38.25% of Africa’s Generic market value of $ 8.5 billion. Almost 65-70% of WHO’s vaccines (essential Immunization schedule) requirements are sourced from India, it added.
