HYDERABAD: India’s pharmaceutical exports clocked a nearly 10% growth in FY24 to hit $27.8 billion, propelled by the double digit growth in the US and UK generics market, and is poised to reach $31 billion in the current fiscal year, a top official of Pharmaceuticals Export Promotion Council of India (Pharmexcil) said on Thursday.
India’s pharma industry, which is currently pegged at around $65 billion, is poised to grow to around $130 billion by 2030, Pharmexcil director general Ravi Uday Bhaskar said at the inaugural of the 10th edition of PharmaLytica here.
Pointing out that 50% of the Indian pharma sectors exports go to highly regulated markets, Bhaskar said exports to US grew over 15.6% to over $ 8.7 billion in FY24 due to shortages in drug manufacturing capacities and the increasing demand for drugs pertaining to lifestyle diseases such as hypertension, depression, diabetes in the US.
He said exports to the UK saw a 21.6% growth partly due to the increased cost of drugs, which were earlier sourced from Europe, post-Brexit.
Apart from this, Africa showed a positive turnaround during FY24, from a degrowth of 5% to a growth of 8% as NGOs, who had diverted their funds meant for Africa towards Covid-19 vaccines and medicines, restarting procurement of drugs, he said.