Pharma Exports in Two Months Rise 8.8% to $4.73 Billion: Pharmexcil Director General Udaya Bhaskar
- 15 blockbuster drugs worth $ 112 billion (Rs 9.29 lakh crore) to go off patent by 2029.
- Will provide a tremendous growth opportunity for Indian pharmaceutical companies by another $ 10 billion (Rs 83,000 crore).
- The total exports during FY25 are likely to hit $29 billion.
- The Indian pharmaceutical market is estimated to touch $130 billion in value by the end of 2030.
Hyderabad: During 2023-29, about 15 blockbuster drugs, including biological products, are going off patent worth $ 112 billion (Rs 9.29 lakh crore). This would provide a tremendous growth opportunity for Indian pharmaceutical companies by another $ 10 billion (Rs 83,000 crore), said Pharmaceutical Export Promotion Council of India (Pharmexcil) director general R Udaya Bhaskar.
A blockbuster drug is a popular drug that generates annual sales of $1 billion or more for the company that sells it. Off-patent drugs apart, PLI scheme for pharma, biosimilars, innovation, research and development, trade agreements, contract manufacturing and CRO facilities, and joint ventures will also give a push to the Indian pharma exports, the official said.
He said pharma exports from the country in April and May this fiscal grew 8.85% to $4.73 billion, up from $ 4.34 billion in the same time last year. Export during FY24 stood at $27.8 billion, growing 9.6 per cent over last year. The total exports during FY25 are likely to hit $29 billion. Formulations and biologics hold a major 73.7% share in the pharma exports, followed by bulk drugs, intermediates, and vaccines, he said.
The Indian pharmaceutical market is estimated to touch $130 billion in value by the end of 2030. The global pharma market is valued at $1,493 billion.
The US, UK, and South Africa are India’s top three countries for pharma exports. Exports to the US, which account for 31.3 per cent of the pharma exports, have grown 15.6 per cent. Its value stood at $8.72 billion during FY24. The UK emerged as the second largest destination with $784 million, growing at 21.1 per cent, said Udaya Bhaskar.
On the challenges, he said the exports face risks due to localisation by destination countries. “Many countries are offering incentives to boost domestic production with a focus on self-reliance,” the official pointed. Increasing geo-political tensions, supply chain issues, pricing pressures, atong acumen of countries like Bangladesh, Indonesia and Vietnam in generics are the other challenges for the sector. Indian is home to 748 USA approved sites and on this count there could be frequent inspections by the US health authorities. The companies making in India should be prepared for this, he said.
The export promotion body has focused on quality management as well after quality concerns were raised by global agencies on certain products made in India, he said.
