Pharma Exports Poised for Double-Digit Growth, Says Pharmexcil


Published on: December 4, 2023.

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Pharmaceutical exports from India are expected to reach $28 billion in 2023-24, a growth of 10.2 percent, due to drug shortages in the US and Europe and increased demand in Africa, according to a senior official at the Pharmaceutical Export Promotion Council (Pharmexcil). In FY23, India’s pharma exports experienced a growth of 3.2 percent, reaching $25.4 billion, with Europe and the US being the primary markets.

However, exports to countries such as Zambia, Nigeria, Zimbabwe, and Burkina Faso declined, resulting in a 5.4 percent decrease in shipments to the African region.

India’s pharmaceutical exports have been boosted by the global shortage of drugs in the US and Europe. As these regions struggle to meet the demand for essential medicines, they turn to countries like India for their pharmaceutical needs. This presents a significant opportunity for Indian pharmaceutical companies to expand their exports and contribute to the country’s economy.

Additionally, Africa has emerged as a promising market for Indian pharmaceuticals. With increasing population and healthcare needs, African countries are increasingly relying on imported medicines. However, in recent years, there has been a decline in exports to countries like Zambia, Nigeria, Zimbabwe, and Burkina Faso. This indicates a need for Indian pharmaceutical exporters to explore new strategies to tap into this market and overcome any existing barriers.

Pharmexcil, a government agency that promotes pharmaceutical exports from India, is actively working towards facilitating exports and supporting pharmaceutical companies in their international endeavors. With their assistance and the growing demand for Indian pharmaceutical products, the industry is poised for further growth in the coming years.

In conclusion, India’s pharmaceutical exports are projected to reach $28 billion in 2023-24, driven by drug shortages in the US and Europe and growing demand in Africa. Despite a decline in exports to certain African countries, the overall outlook for the Indian pharmaceutical industry remains positive. With the support of organizations like Pharmexcil, Indian pharmaceutical companies have the opportunity to expand their global presence and contribute significantly to the country’s economy.

Source: [Business Standard](https://www.business-standard.com)