Pharma Exports Expected to Touch $28 billion in FY 24: Pharmexcil Chief

Udaya Bhaskar, Director General of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), a body under the Department of Commerce, predicted on Tuesday that Indian pharmaceutical exports could reach USD 28 billion in the current fiscal year, up from USD 25.39 billion in FY 23. Speaking to reporters today, he stated that during the current fiscal year, exports grew by more than 10% in April and 0.7% in May, respectively.

"In fiscal year 23, we exported USD 25.39 billion in pharmaceutical goods, representing a 3.25 percent increase." When most commodities are struggling, India pharma made it and achieved it despite numerous headwinds and global obstacles," Bhaskar responded to a question. "I am optimistic that we will reach around USD 28 billion in FY 24." That is my expectation," he added. Justifying the aim, the official stated that the US market, which accounted for more than 31% of total exports last year, has stabilised, which is a positive indicator predicting continued growth.

Due to disruptions in some nations, exports from the Commonwealth of Independent States (Russia and others) fell by 8.42 percent to USD 1.15 billion, he said. In response to another question, he stated that the US Food and Drug Administration authorities' inspection on Indian manufacturing sites has not begun and has yet to reach pre-COVID levels. He stated that the Ministry of Commerce is aware of the problem and is raising it with the United States. Meanwhile, the ninth edition of the International Pharma Exhibition (IPHEX), a major event of the Pharmexcil, is being held here from July 5 to 7, with the support of the Ministry of Commerce and Industry.

According to Bhaskar, the last eight editions drew 4,500+ foreign participants from 120+ countries, including regulatory authorities, public procurement agencies, media, and importers, 3,500 exhibitors, and over one lakh visitors. The ninth edition of IPHEX, is a special edition being organised on the occasion of G20 presidency by India, with exhibition, business meetings and an exclusive "G20 focussed CEOs Round Table" inviting delegates from over 120 countries, he added.