(MENAFN- KNN India) New Delhi, Feb 6 (KNN) Pharmaceutical exports from India saw a notable surge, growing by 8.2 percent in the period from April to December 2023, reaching USD 20.40 billion, compared to USD 18.85 billion in the same period the previous year.
R. Uday Bhaskar, Director-General of Pharmaceuticals Export Promotion Council (Pharmexcil), attributed this growth to various factors, including a substantial increase in exports to the US by 11.5 percent, which consequently elevated overall exports to NAFTA countries (USA, Canada, and Mexico) by 10.4 percent, reported businessline.
Formulations retained their position as the largest contributor to exports, constituting approximately 73 percent of the total.
Notably, exports to the UK saw a significant uptick of 20.5 percent, while the West Asia and North Africa (WANA) region also showed promising growth.
However, concerns arise regarding Russia, which witnessed a steady decline in exports, dropping to the 10th position from the 7th in previous years.
Efforts are underway, both from the government and Pharmexcil, to implement measures aimed at revitalising exports to Russia.
Despite earlier estimations projecting full-year exports for FY24 at USD 27 billion, the accelerated pace of exports, particularly since October, indicates that the total exports might surpass the USD 28 billion mark.
This marks a substantial increase from the FY23 figure of USD 25.3 billion.
Geographically, NAFTA (USA, Canada, and Mexico), Europe, and Africa stand out as the top three regions for pharmaceutical exports from India, collectively accounting for nearly 69 percent of the total exports.
The pharmaceutical sector in India continues to demonstrate resilience and growth, buoyed by robust export performance, strategic market diversification, and concerted efforts to address challenges in key markets such as Russia.
(KNN Bureau)
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