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The import of bulk drugs and drug intermediates to the country has seen a growth of 2.34 per cent in the first nine months of the current fiscal year, as compared to the same period of last year. The quarter ended December, 2024, reported a marginal growth in imports compared to the same period of last year.
According to data from the ministry of commerce and industry, the imports of bulk drugs and drug intermediates during the period from April to the end of December, 2024 stood at $3.5 billion as against $3.42 billion in the same period of previous fiscal year.
During the quarter ended December, 2024, the imports witnessed a marginal growth of 1.6 per cent to $1.21 million from $1.19 billion in the same quarter of previous fiscal year.
In terms of quantity, the country imported 3.6 lakh metric tonnes of bulk drugs and drug intermediates in the first nine months of the current fiscal year, almost 8.4 per cent growth compared to 3.32 lakh metric tonnes during the same period of previous fiscal year.
Quantity of imports during the third quarter ended December, 2024 grew 7.5 per cent to 1.14 lakh metric tonnes as compared to 1.06 lakh metric tonnes reported in the same period of last year.
The imports during the first half of 2023-24 was also a decline of 1.23 per cent compared to the $2.256 billion in the first half of fiscal year 2022-23. This was following a 20 per cent growth in imports of these raw materials at $1.898 billion during the first half of the fiscal 2021-22, which also saw the world facing the healthcare emergency of Covid-19 pandemic.
As reported earlier, the import of bulk drugs and drug intermediates to the country had registered a decline of 13.2 per cent in the first six months of the current fiscal year, at $1.93 billion as against $2.23 billion in the same period of previous fiscal year.
India's imports of bulk drugs and drug intermediates during the fiscal 2023-24 stood at $4.55 billion, with a marginal decline compared to $4.51 billion reported during the fiscal 2022-23.
The Central government has been emphasising on reducing the imports of essential pharmaceutical raw materials such as bulk drugs, drug intermediates and key starting materials, among others, and has initiated various incentive schemes to support domestic production of these materials.
The Department of Pharmaceuticals has been promoting production of pharma raw materials in the country, including through a production linked incentive (PLI) scheme for promotion of domestic manufacturing of critical key starting materials (KSMs)/drug intermediates and active pharmaceutical ingredients (APIs) in the country, to support the industry in various aspects regarding ease of doing business and availing the benefits of the scheme.
The scheme, notified by the Centre on July 21, 2020, envisages manufacturing of 41 bulk drugs with a total outlay of Rs. 6,940crore during the tenure of the scheme, which is from 2020-21 to 2029-30. It envisages incentive at the rate of 20% for the first four years, 15% for fifth year and 5% for sixth year on eligible sales of fermentation based bulk drugs. In respect of chemical synthesis based bulk drugs, incentive is to be given at the rate of 10% for six years on the eligible sales.
It has also announced schemes to promote bulk drug parks in the country, as part of its efforts to promote domestic manufacturing of pharma ingredients.
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