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Pharmaceutical exports register growth of 10.45 per cent in April
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Gireesh Babu, New Delhi
May 18 , 2023
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Pharmaceutical exports from the country have started the fiscal year 2023-24 with a positive note registering a growth of 10.45 per cent in April, as compared to the exports during the same month of last year.
According to data from the Union ministry of commerce and industry, the exports of drugs and pharmaceuticals during April, 2023 was at around $2.28 billion, as compared to around $2.07 billion in the same month of previous year. Interestingly, the growth in April, 2022 as compared to the approximately $1.9 billion exports reported in April, 2021, was also close to 10 per cent.
Imports of medicinal and pharmaceutical products, during the month of April, 2023 reported a decline of 18.33 per cent at $578.64 million as compared to $708.47 million in the same month of the previous fiscal year.
It may be noted that after a record growth in the year 2020-21, the pharma exports missed the targets set for the year 2021-22 and 2022-23.
The pharma exports reported a growth of 3.25% per cent at $25.39 billion during the year 2022-23, as compared to $24.59 billion in the previous fiscal year.
The Central government has initially fixed a target of $27.4 billion of pharmaceuticals exports for the fiscal year 2022-23 even though the global market has various challenges which has an impact on the exports. The government was targeting a 11 per cent growth during the fiscal year 2022-23.
According to earlier reports, during the fiscal year 2021-22 pharma exports witnessed a growth of 0.66 per cent at $24.6 billion as compared to $24.44 billion during the previous fiscal year. This was against a target of $29 billion set by the government for the fiscal year.
This growth of less than one per cent is compared to the exceptional growth of 18.19 per cent in exports, at $24.4 billion during the year 2020-21, which is a kind of growth that happened after eight years.
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.
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