Pharmaceutical Export Trends on India's Exports in Global Markets: PharmaHopers
Oct 16, 2023
BusinessWire India
Zirakpur (Punjab) [India], October 16: As per the data released by the Indian Brand Equity Foundation (IBEF) and Trading Economics, "The Indian pharmaceutical industry has witnessed a substantial increase in exports in the last few years. In the fiscal year 2020-2021, Indian pharmaceutical exports stood at a whooping USD 24.44 billion." This record-breaking export can be attributed to India's ability to cater to the global demand for generic medicines. India's proficient manufacturing capabilities coupled with cost-effective production have enabled India to mass export essential medicines and vaccines to many low- and middle-income countries explained the PharmaHopers.
PharmaHopers is an online marketplace for the pharmaceutical sector which brings companies and buyers under one roof.
PharmaHopers Explains India's Dominance in Global Pharmaceutical Exports
There are many factors that have contributed to making India one of the largest exporters of generic medicines in the world. As per the Indian Ministry of Commerce & Industry India's pharma exports have seen a tremendous growth of 103% since since 2013-14. With innovations in drug delivery systems and expansion into new markets, India is all prepared to expand its exports further in the markets of Asia-Pacific, Latin America, and Africa.
As per the Indian Ministry of Commerce and Industry, the pharma exports have touched Rs 1,83,422 crore in 2021-22 against Rs 90,415 crore in 2013-14. The formulations and biologicals amount to 73.31 percent of the total pharma export of the country. Some major factors that have led to this unprecedented spurt in pharma exports are listed below
1. India's ability to mass manufacture high-quality medicine is backed up by low labor and low manufacturing costs.
2. The availability of a large pool of highly skilled scientists, researchers, and pharmacists has an important role in mass manufacturing high-quality products.
3. A strong regulatory framework in the Indian pharmaceutical industry ensures that Indian pharma products comply with all international standards.
4. Heavy investment in Research and Development by Indian pharma manufacturers has led to the development of new drug formulations and pharma products.
Key Destination for India's Pharmaceutical Export
"Indian medicines have a high demand in the global market. Many countries depend on India to import huge amounts of generic medicines and vaccines to keep their healthcare system working smoothly. India exports most of its pharmaceuticals to the United States, United Kingdom, Russia, South Africa, Japan, Canada, and Australia." explains PharmaHopers.
India's pharmaceutical export is highly diverse and capable of catering to the demands of a wide range of global markets. The ability of the Indian pharmaceutical industry to cater to these global demands is a key reason for its dominance in the global pharma scenario.
Check out the top pharma export destinations with the total amount of transactions as per experts at PharmaHopers.
United States: As per the United Nations COMTRADE database on international trade, India exported worth US$6.71 Billion pharmaceuticals in the year 2022.
United Kingdom: The pharma exports by India to the United Kingdom amounted to US$688.17 Million in 2022 as per the United Nations COMTRADE database on international trade.
Russia: Indian pharma exports to Russia in the year 2022, amount to US$430.59 Million, as per the reports of the United Nations COMTRADE database on international trade.
South Africa: South Africa is one of the biggest importers of Indian pharmaceuticals as it imported US$569.7 Million worth of pharmaceuticals from India in the year 2022.
Top Medicines Exported from India to Other Countries
India manufactures a wide array of drug formulations catering to the demands of the global healthcare system. With many government initiatives, the pharmaceutical industry has experienced exponential domestic growth, with an 8.2% increase in sales during the fiscal year 2020-2021, reaching INR 1.4 lakh crore (USD 18.9 billion) as per the Indian Brand Equity Foundation (IBEF) and Trading Economics. Check out the most in-demand drug formulations exported to other countries from India.
Cardiovascular Pharmaceuticals: Cardiovascular diseases are on an all-time rise, leading to the global demand for medicines. Therefore, India is exporting cardiovascular pharmaceuticals such as
* Blood-pressure medications
* Anticoagulants
* Cholesterol-lowering medicines
Antibiotics: Antibiotics are one of the most used generic medicines in the world. In response to the high demand, India is actively exporting a wide range of antibiotics to different nations. Some of the widely exported antibiotics are
* Penicillins.
* Tetracyclines.
* Cephalosporins.
* Quinolones.
* Lincomycins.
* Macrolides.
Anti-inflammatory Drugs: Inflammation is a common response to any type of stress in the body. Therefore, anti-inflammatory drugs are always in demand. The wide range of anti-inflammatory drugs exported to the other countries are mentioned below
* Ibuprofen.
* Naproxen.
* Diclofenac.
* Celecoxib.
* Mefenamic acid.
* Etoricoxib.
* Indomethacin.
PharmaHopers says, "Indian pharmaceutical sector is all set to break unprecedented records and maintain its position as the pharmacy of the world. This remarkable growth of the Indian pharmaceutical sector is driven by commendable export performance and growing global dependence on high-quality pharmaceuticals. With a focus on innovation and expansion in new markets, the Indian pharmaceutical scenario will continue to flourish at a promising rate."
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