India’s pharmaceutical exports continue to register double-digit growth, reflecting the strong demand for the country’s affordable generic medicines in global markets led by the USA and UK.
India’s pharma exports grew by 10.45 per cent in May this year to touch the $2.3 billion mark compared with the $2.08 billion in the same month of the previous financial year.
India is now the world’s third-largest drugmaker by volume amid the growing demand for the country’s pharmaceutical products in export markets. The US is a key market, which accounts for about 30 per cent of India’s annual pharma exports after a nearly 16 per cent increase in fiscal 2024.
The country’s drug shortages as well as the increased use of drugs for lifestyle diseases such as diabetes, hypertension, and depression are expected to fuel the demand for India’s affordably priced drugs, according to industry sources.
India is a hub of bulk generic drug manufacturing and drug makers including Dr Reddy’s, Cipla, Sun Pharma derive a significant share of revenue from both the US and Europe.
The world’s largest drug market is facing decade high drug shortages, India Ratings said in a note citing data from with Utah Drug Information Service. There is an active shortage of 233 drugs across 22 therapeutic categories as of April, led mainly by discontinuing production of some drugs, rising demand and delays in shipments, it said, also citing data from the US Food and Drug Administration.
