Growth ‘Pill’: Indian Pharma Exports Increase For Third Straight Year, Top $19.2 Billion In 2018-19
According to commerce ministry data, pharmaceutical exports from the country surged 11 per cent to $19.2 billion in 2018-19, driven primarily by increased demand in North America and Europe, reports Press Trust of India (PTI).
Pharma exports from the country have shown an increasing trend over the past few years. While they stood at $17.3 billion in 2017-18 were, $16.7 billion worth pharmaceutical products were exported in 2016-17.
North America, which includes the US and Canada, make up 30 per cent of Indian pharma exports. It is followed by Africa and the European Union (EU) with a 19 per cent and 16 per cent share respectively.
The government expects India’s exports to further increase in the coming years as the Chinese market is slowly opening up to pharma imports.
India’s traditional stronghold generic drugs segment continues to dwarf other product categories, accounting for a massive 75 per cent market share in terms of revenues.
Economy In A Boom?
It was also earlier reported that overall Indian exports grew by 11 per cent in March 2019 to $32.55 billion on a year-on-year (y-o-y) basis, the highest in the past five months. This surge was on account of higher growth in sectors like pharma, chemicals and engineering.