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Pharma imports grow 14 per cent in February
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Gireesh Babu, New Delhi
March 17 , 2022
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Import of pharmaceutical products for the month of February has seen an increase of 14.18 per cent, in continuation with the growth it has been marking in the past. The growth has been significant for the first 11 months of the fiscal year, crossing Rs. 60,000 crore mark in rupee terms.
According to the quick estimates data available from the Ministry of Commerce, the medicinal and pharmaceutical products have registered imports of $625.75 million during the month of February, this year, as compared to $548.06 million in the same period of last year.
During the 11 months from April, 2021 to February, 2022, imports have seen a significant growth of 30.72 per cent in US Dollar terms, to $8.3 billion as compared to $6.34 billion during the period from April, 2020, to February, 2021. In rupee terms, the imports in the sector have grown 30.66 per cent during the period, reaching Rs. 61,607.48 crore as compared to Rs. 47,150.73 crore during the same period of previous fiscal year.
Import of bulk drugs and drug intermediates during the first 10 months of the current fiscal, till the end of January, 2022, has registered a 24.82 per cent growth compared to the same period of last fiscal year. The bulk drugs and intermediates imports crossed $4 billion during the period, compared to $3.21 billion during the 10 months between April, 2020 and January 2021.
Drug formulations and biologicals have registered a 36.08 per cent growth during the 10 months ending January, 2022, at $2.81 billion as compared to $2.06 billion in the same period of previous year.
The imports of medical and scientific instruments, which includes imports of products for the healthcare industry, has registered a 53.42 per cent to $5.02 billion during April, 2021 to January, 2022, as compared to $3.27 billion registered in the same 10 months of previous fiscal year. This category comes as the top 20 commodities based on size of exports.
It may be noted that the exports of pharmaceuticals from the country registered a decline of 3.13 per cent during February, 2022, to $1.94 billion as compared to $2 billion in the same month of last year. The 11 month period from April 2021 has reported a marginal growth of 0.16 per cent, as compared to the same period of previous fiscal year.
According to the preliminary data from the ministry of commerce and industry in February, 2022, when India’s merchandise export grew 22.36 per cent to $33.81 billion over $27.63 billion in the same period of last year, the commodity group of drugs and pharmaceuticals has registered an exports of $1.94 billion.
This is 5.73 per cent of the total exports during the month of February, 2022, and is the fifth largest commodity group in terms of exports during the month after engineering goods, petroleum products, gems and jewellery and organic and inorganic chemicals.
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