India is the third-largest pharmaceutical exporter in the world. The Indian pharmaceutical industry continues to be one of the top players in the global pharmaceutical export market, despite the pandemic and global trade challenges. Export import training can help you in guiding to start pharma export business. Over 1.8 trillion rupees worth of drugs and pharmaceuticals were exported by India in fiscal year 2021, an increase over the previous fiscal year’s export value of over 1.4 trillion rupees. One reason for the sharp rise in India’s pharmaceutical and drug exports was the rising demand for low-cost generic medicines, of which it has been the world’s largest provider. During the three months ended June, 2021, Indian pharmaceutical companies exported $5.78 billion in drugs and pharmaceuticals, up 4.58% from $5.53 billion during the same period in the previous year. In addition, the growing customer diversification away from China and some countries implementing the ‘China plus one’ policy have led to an increased demand for active pharmaceutical ingredients (APIs) from India.
Indian pharmaceutical exports are primarily sold to North American countries like-
- United States
- Canada
- Mexico
In 2020-21, North America accounted for more than 34 percent of the Indian pharmaceutical export market, followed by USA, Canada, and Mexico with 12,6%, 30%, and 21.4% growth, respectively. As of the second wave of the Covid-19, the pharma industry in the country has experienced greater growth than the previous year, when it was hampered by the lack of raw materials and trade restrictions. The vast majority of Indian exports are generic medicines, which are the most demanded exports in the world as they account for 70% of exports worldwide. Pharmaceutical Export Promotion Council of India (Pharmexcil) reported that India exported $24.44 billion in medicines during the fiscal year 2020-21, an 18% increase over the $20.58 billion recorded in the fiscal year 2019-2021. In spite of a decrease by 1-2 per cent in the global pharma market in 2020, the sector recorded its best export performance in value terms due to a surge in demand for Indian drugs.
Conclusion-
Over the next two years, the market share of Indian pharma exports is expected to reach about $60 billion, a 11% increase over the current level. Vendors and companies in the Indian pharmaceutical export industry can use these opportunities to increase their efforts toward global dominance. If you are one of those who want to export their own export import business join our import export classes. Or attained our live webinar. Click the link below to attend the webinar https://chat.whatsapp.com/Bqz4SWH55nSGtKj3GnJAC8 Do visit our website!
