India’s share of pharmaceuticals and drugs in the global market is 5.71%. Formulations and Biologics constituted the major portion of India’s exports with a share of 72.54% followed by drug intermediates and bulk drugs. In FY23, the exports of drugs and pharmaceuticals stood at US$ 25.39 billion. During 2021-22, the country exported pharma products worth US$ 24.59 billion, while in 2020-21, the exports grew at 18% YoY to US$ 24.44 billion. This robust performance was achieved despite the global supply chain disruptions, lockdowns, and subdued manufacturing. In April-July 2023, India exported US$ 8.71 billion worth of drugs and pharmaceuticals, a 3.99% increase from US$ 8.38 billion in April-July 2022. The USA, Belgium, South Africa, the UK, and Brazil were India’s top five export destinations in FY23.
India plays an important role in the global pharmaceuticals and vaccine industry. It is the largest provider of generic medicines globally. The country has a share of 20% in the global supply volume and contributes to around 60% of the global vaccines. India ranks third in the world in terms of volume and is the fourteenth largest in terms of value. Key segments of the Indian pharmaceutical industry are OTC medicines, Generics, APIs, Vaccines, Biosimilars, and Custom Research Manufacturing (CRM). India is the world leader in supplying vaccines like DPT, BCG, and Measles. It also has the highest number of US FDA-approved plants outside of the USA.
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