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Pharmaceutical exports grow around 30 per cent in October
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Gireesh Babu, New Delhi
November 22 , 2023
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Exports of pharmaceutical products from the country have reported a 29.31 per cent growth during the month of October, as compared to the same period of previous year. For the first seven months of the current fiscal year the exports have posted 8.14 per cent growth.
According to data from the Central government, the exports during the month of October, 2023 stood at $2.42 billion as compared to $1.87 billion during the same month of last year.
The growth compared to the exports of $2.39 billion in the previous month of September is around 1.25 per cent.
In rupee terms, the exports for the month grew 30.72 per cent to Rs. 20,180.17 crore during October, as compared to Rs. 15,438.16 crore during the same month of previous fiscal year.
For the seven months from April to October, 2023, the exports were at $15.78 billion as compared to $14.59 billion reported during the same period of previous year.
In rupee terms, the growth was 13.01 per cent to Rs. 1.30 lakh crore during April to October, 2023 as compared to Rs. 1.15 lakh crore reported during the same period of last fiscal year.
Imports have reported a 13.82 per cent growth during the month of October, at $731.05 million as compared to $642.31 million registered during the same month of last year. The cumulative imports from April to October, 2023 grew 2.09 per cent to $4.80 billion as compared to $4.70 billion during the same period of previous fiscal year.
The ministry of health and family welfare in June this 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.
Drugs and pharmaceuticals exports constitute 5.71 per cent of the total exports from India. India ranks 3rd worldwide for the production of drugs and pharmaceuticals by volume exporting to around 200 countries/territories with the top 5 destinations being the USA, Belgium, South Africa, UK, and Brazil.
India accounts for 60 per cent of global vaccine production making it the largest vaccine producer in the world. India is also one of the biggest suppliers of low-cost vaccines in the world and is the largest provider of generic medicines globally, occupying a 20% share in global supply by volume.
"Further, India has supplied over 298 million Covid-19 vaccines to around 100 countries across the globe under Vaccine Maitri initiative (till May 19, 2023)," said the Ministry. It added that an investment of Rs. 21,861 crore was received under PLI schemes till June.
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