India's Pharma Exports Hit $27.8B in 2024, Projected to Surpass $31B Next Year
By : DC Correspondent
Update: 2024-05-31 16:17 GMT
Hyderabad: India exported $27.8 billion worth of drugs in the financial year 2024, achieving a 9.6% growth rate despite global challenges, said Ravi Uday Bhaskar, director general of Pharmaceuticals Export Promotion Council of India.
“We are expecting to reach more than $31 billion in exports in the next financial year. About 50 per cent of our exports are going to highly regulated markets. In North America and Europe, it's almost 55 per cent. In the US, we exported more than $8 billion with a 15 per cent growth rate, and to the UK, we achieved a 21 per cent growth rate. This demonstrates the robust growth of the Indian pharmaceutical industry, even in challenging situations. As long as India continues to manufacture quality drugs at affordable prices, the industry will remain unmatched,” he said.
Speaking at the inauguration of the 10th edition of PharmaLytica, organised by Informa Markets in India at HITEX, he said the Indian pharmaceutical industry made significant contributions during the pandemic and post-pandemic period.
“India and Turkey are rising in the pharma segmen, presenting significant trade and cooperation opportunities. The Turkish pharmaceutical market grew by 80 per cent to reach around $38 billion,” said Orhan Yalman Okan, Consul General, Consulate General of Turkey.
“With strategic investments in developing generic and biopharmaceutical versions, India stands poised to maintain its global pharmaceutical leadership. Innovation remains paramount, especially in medical devices, complex generics, monoclonal antibodies, and gene therapy. Setting robust regulations for their development and marketing is crucial for sustained growth,” Dr Gaurav Pratap Singh, senior principal scientific officer, Indian Pharmacopoeia Commission said, according to a release.