Monday, July 15, 2024

India’s Pharma Exports Show Strong Double-Digit Growth Amid Rising Demand in US, UK

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India’s pharmaceutical exports have seen double-digit growth, highlighting the strong demand for affordable generic medicines in global markets, particularly in the USA and UK. In May this year, India’s pharma exports grew by 10.45%, reaching $2.3 billion, compared to $2.08 billion in the same month last year.

Ravi Uday Bhaskar, Director General of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), expressed optimism about maintaining this growth. He emphasized that the trend is positive, and they expect to sustain growth of not less than 10%.

India is currently the world’s third-largest drugmaker by volume, driven by increasing demand for its pharmaceutical products abroad. The USA remains a crucial market, accounting for about 30% of India’s annual pharma exports. In fiscal year 2024, there was nearly a 16% increase in exports to the US, according to Pharmexcil.

The surge in demand is partly due to drug shortages in the US and the rising use of medications for lifestyle diseases such as diabetes, hypertension, and depression. Bhaskar noted that India’s affordably priced drugs are meeting these needs effectively.

India's pharma exports growth to US and UK.

A report by India Ratings and Research indicates that Indian drugmakers will continue to see revenue growth in 2024-2025, largely due to ongoing drug shortages in the US. India, a hub for bulk generic drug manufacturing, sees significant revenue from exports by companies like Dr. Reddy’s, Cipla, and Sun Pharma.

The world’s largest drug market, the US, is experiencing its highest level of drug shortages in a decade. India Ratings cited data from the Utah Drug Information Service, showing an active shortage of 233 drugs across 22 therapeutic categories as of April. These shortages are mainly due to discontinued production, rising demand, and shipment delays. Data from the US Food and Drug Administration (FDA) supports these findings.

India’s pharmaceutical exports grew by 10.45% in May, driven by strong pharma growth demand in the US and UK. The robust growth in India’s pharma exports growth underscores the country’s pivotal role in the global pharmaceutical industry. With sustained demand from key markets like the US and UK, India is set to continue its upward trajectory in the pharmaceutical sector.

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