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Pharmaceuticals export grows 6.8% in January

Pharmaceuticals export grows 6.8% in January


Posted on February 28, 2024 Updated on February 26, 2024

Exports of drugs and pharmaceuticals during the month of January posted a growth of 6.84 per cent as compared to the same month of previous year. For the first 10 months of the current fiscal year pharma exports grew 8.07 per cent, according to the Central government.

The provisional data released by the government shows that in January this year, the drugs and pharmaceuticals exports reported a growth to $2.13 billion, as compared to $1.99 billion exports during the same month of last year.

For the 10 months from April, 2023 to January, 2024, the exports stood at $22.53 billion, as compared to $20.85 billion during the same period of last year.

In Rupee terms, the exports for the month of January grew 8.43 per cent to Rs. 17,726.67 crore as compared to Rs. 16,348.08 crore during the same month of 2023. For the ten months ended January, 2024, the exports grew 11.9 per cent to Rs. 1.86 lakh crore, as compared to Rs. 1.66 lakh crore in the same period of last year.

Imports of medicinal and pharmaceutical products grew 4.21 per cent in January, this year, to $683.36 million as compared to $655.74 million in the same month of last year.

The 10 month import till January reported 2.06 per cent growth to $6.92 billion as compared to $6.78 billion in the same period of previous fiscal year.

In rupee terms, the imports grew 5.77 per cent in January at Rs. 5,680.16 crore, as compared to Rs. 5,370.52 crore in the same month last year. The ten month import reported 5.70 per cent growth to Rs. 57,327.13 crore, as compared to Rs. 54,237.26 crore during the corresponding period of last year.

It may be noted that in the nine months ended December, 2023 the imports registered a growth of 8.20 per cent, at $20.40 billion, as compared to $18.85 billion reported during the same period of previous fiscal year. Exports for the month of December grew 9.30 per cent at $2.47 billion from $2.26 billion registered during the same period of previous fiscal year.

Imports in the first nine months of the fiscal year grew 1.83 per cent during the nine months to $6.24 billion, as compared to $6.13 billion reported in the same nine months of previous fiscal year. The imports during the month of December, 2023 reported $768.07 million with a growth of 1.50 per cent compared to $756.71 million in the same month of last year.

The ministry of health and family welfare in June, last year, said that India’s drug and pharmaceutical products exports grew by 125 per cent from Rs. 90,415 crore in 2013-14 to Rs. 2,04,110 crore in 2022-23.

India’s pharma exports contributed 5.6% of merchandise exports during 2022-23. Drug formulations & biologicals is the third largest principal commodity being exported by India, according to Pharmexcil.

The Council, in its Hand Book 2023, said that during FY-23 India has exported to over 210 destinations across the world and around 60% of exports are to highly regulated markets like North America and Europe.

India has the maximum number of US FDA approved manufacturing sites outside the USA. USA is the largest exporting partner of India by country and nine Indian companies featured among the top 25 global generic companies. Indian companies have bagged 41.74% of market authorizations granted by US FDA in the calendar year 2022. India shares 38.25% of Africa’s generic market value of $ 8.5 billion. Almost 65-70% of WHO’s vaccines (essential immunization schedule) requirements are sourced from India, it added.

Source : 1