Pharma exports increased by 10% in FY24
In 2023–24, India’s exports of medications and pharmaceuticals climbed by 9.67% year over year to $27.9 billion, despite a 3% decline in overall exports during the previous fiscal year.
The Commerce Ministry reports that pharmaceutical exports reached $2.8 billion in March, an increase of 12.73 percent. The exports were $25.4 billion in 2022–2023. The US, UK, Netherlands, UK, South Africa, and Brazil are the top five export destinations for the industry in the most recent fiscal year.
Over 31% of India’s total pharmaceutical exports go to the US, with the UK and Netherlands coming in second and third, respectively, at roughly 3%. Additionally, additional regions were reached by outbound exports in 2023–2024: Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti, and Ethiopia.
An industry analyst said that robust demand in nations such as the US and expanding market prospects are contributing to exports consistently recording good growth rates.
