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Pharmaceutical exports from the country have reported a growth of 0.78 per cent in the month of May, 2023 after registering over 10 per cent growth during the month of April, 2023 as against the same month of previous year.
According to the data from the Union ministry of commerce and industry, the export of drugs and pharmaceuticals during the month of May, 2023 was at $2.08 billion as compared to $2.06 billion during the corresponding month of previous year.
For the two months of April and May, this year, the cumulative exports stood at $4.34 billion as compared to $4.13 billion reported during the corresponding period of previous fiscal year, with 5.11 per cent growth.
The import during the month of May stood at $703.15 million, with a growth of 1.11 per cent compared to $695.42 million reported in May, last year. The cumulative import for the period of April and May, this year, was at $1.28 billion, a decline of 8.78 per cent, according to the official data.
In Rupee terms, the exports during May grew 7.33 per cent to Rs. 17,167.68 crore, as compared to Rs. 15,994.78 crore during the same month of last year. The cumulative growth for the two months of April and May, this year, was 12.55 per cent at Rs. 35,720.25 crore as compared to Rs. 31,737.58 crore in the same period of 2022, it added.
The Government of India has recently said that India’s pharma exports have reported a growth of over 125 per cent in the last nine years.
“In a major feat, 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,” said the government.
India ranks third worldwide for the production of drugs and pharmaceuticals by volume exporting to around 200 countries/territories with the top five destinations being the USA, Belgium, South Africa, UK, and Brazil.
The country also 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 per cent 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, it added.
It may be noted that the Economic Survey 2022-23, released ahead of the Union Budget 2023, has said that the pharma exports 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.
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