India's pharma Exports Increase 10% to USD 27.9 Billion in FY24

The nation's drug and pharmaceutical exports rose 9.67 percent year-on-year to USD 27.9 billion in 2023-24, even though total exports decreased by 3% in the previous fiscal year. Pharma exports increased by 12.73 percent to USD 2.8 billion in March, according to data from the commerce ministry. In 2022-23, the commodities remained at USD 25.4 billion. 

During the previous fiscal year, the sector's top five export markets were the United States, the United Kingdom, the Netherlands, South Africa, and Brazil. The US represents over 31% of India's complete pharma trades, trailed by the UK and Netherlands (around 3% each).

In 2023 and 2024, new countries like Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti, and Ethiopia were included in the outbound shipments. According to an expert in the field, exports are experiencing healthy growth rates month after month due to expanding market opportunities and robust demand in nations like the United States.

India's pharmaceutical industry could be worth more than USD 130 billion by 2030, according to experts, cooperating to expand market opportunities and increase demand in international markets. For 2022-23, the company was worth more than $50 billion. The US represents over 31% of India's complete pharma trades, trailed by the UK and Netherlands (around 3% each).

Experts have stated that India's pharmaceutical industry may exceed USD 130 billion by 2030, supported by expanding market opportunities and heightened demand in overseas markets. An industry expert said that exports record healthy growth rates monthly due to growing market opportunities and healthy demand in nations such as the United States. For 2022-23, the company was worth more than $50 billion.