|
Pharma exports register growth of 4.72% to $2.05 billion in February
|
|
Gireesh Babu, New Delhi
March 17 , 2023
|
|
|
Pharmaceutical exports from the country have seen a growth of 4.72 per cent during the month of February, 2023, compared to the same month of previous year after registering a year-over-year decline in the two previous months. The 11 months of the fiscal year 2022-23, ended February, reported a growth of 3.14 per cent in exports compared to the same month of previous fiscal year.
The exports of drugs and pharmaceuticals, according to the data from the Ministry of Commerce and Industry, for the month of February stood at $2.05 billion as compared to $1.48 billion reported in the same month of last year, with a growth of 4.72 per cent.
For the 11 months from April, 2022 to February, 2023, the exports stood at $22.9 billion as compared to $22.20 billion, reported in the corresponding period of previous fiscal year.
Imports of medicinal and pharmaceutical products, on the other hand, has reported a marginal growth to $618.53 million during the month of February, 2023 as compared to $613.16 million in the same period of previous year.
For the 11 months ending February, imports of pharma products registered a decline of 10.54 per cent at $7.40 billion as compared to $8.27 billion imports registered during the same period of previous fiscal year.
As reported earlier, pharma exports during the month of January reported a decline of 2.62 per cent at $1.99 billion as compared to $2.04 billion in the same period of previous year. Exports reported a decline of 1.9 per cent in the month of December, at $2.26 billion as compared to $2.30 billion reported during the same month of 2021.
Imports of medicinal and pharmaceutical products have reported a 6.61 per cent decline during the month of January, 2023, at $653.76 million as compared to $700 million in January, 2021. On the other hand, imports during December 2022 registered a growth of 1.61 per cent, deviating from the trend of declining imports in the previous months, to $754.67 million compared to the $742.69 million imports registered in December, 2021.
The Economic Survey 2022-23, released ahead of the Union Budget 2023, has said that the pharma exports have performed well to report growth in the recent past despite the global trade disruptions and drop in demand for Covid-19-related treatments.
The pharma exports grew despite Covid-19 impacted disruptions in supply chain increasing significantly from $ 15.4 billion in FY15 to $24.6 billion in FY22 and stood at $18.8 billion during April to December 2022, registering a positive growth of 3.6 per cent over April- December 2021, said the Economic Survey.
"Indian pharmaceutical exports achieved a healthy growth of 24 per cent in FY21, driven by Covid-19-induced demand for critical drugs and other supplies made to over 150 countries. The performance of pharma exports in FY22 has been robust, sustaining growth despite the global trade disruptions and drop in demand for Covid-19-related treatments. Carrying forward this growth momentum, drug and pharmaceutical exports during April-October 2022 was 22 per cent higher than the corresponding pre-pandemic period of FY20," said the Economic Survey.
The high growth in export in the recent past was on account of the stocking of inventories of medicines by countries all over the world, and increased demand for vaccines and medicines related to the Covid-19 pandemic which India was in a position to provide, it added.
|
|
|
|
|
|
|
|
TOPICS
|
That foods might provide therapeutic benefits is clearly not a new concept. ...
|
|
|
|
|