HYDERABAD: India’s pharmaceutical exports touched nearly USD 28.29 billion by February this financial year, marking a 5.6% growth compared to last year, a top official said at the Chintan Shivir–Scaling up Pharma Exports programme held in Hyderabad on Saturday.
Organised by the Pharmaceutical Export Promotion Council of India (Pharmexcil) with support from the Union government, the event was chaired by commerce secretary Rajesh Agarwal, who said India’s pharmaceutical industry, valued at around USD 60 billion with nearly 50% exports, has emerged as a global leader due to its scale, cost competitiveness and strength in generics.
He stressed enhancing self-reliance by meeting 80–90% of domestic requirements through indigenous production and reducing import dependence on active pharmaceutical ingredients (APIs), bulk drugs and intermediates, while also calling for diversification of export supply chains and stronger market presence.
Highlighting the need to build a robust quality ecosystem to boost global trust, the commerce secretary called for a shift from a volume-driven to a value-driven industry with greater focus on innovation, biologics and biosimilars, while maintaining leadership in generics. He added that the government will work closely with the industry to strengthen quality, value addition and resilient supply chains, and interacted with exporters, addressing concerns related to market access and regulatory issues.
Director general Raja Bhanu said India’s pharmaceutical exports stood at USD 30.47 billion in the last financial year, registering a 9.4% growth, while exports in the current financial year reached USD 28.29 billion, recording a 5.6% growth.
He added that the sector, valued at around USD 60 billion, is projected to grow to USD 130 billion by 2030, with a long-term vision of reaching USD 450 billion by 2047.
“India currently exports medicines to over 200 countries, with more than 60% of exports going to highly regulated markets. The United States accounts for 34% of India’s pharma exports, followed by Europe with 19%,” Raja Bhanu noted.
Pharmexcil chairman Namit Joshi said the pharma industry is witnessing a shift in export composition between formulations and bulk drugs. “Until last year, formulations accounted for about 75% of exports, while bulk drugs accounted for around 15%. However, growth in formulation exports has slowed from 11.6% to 4.5%, while bulk drug exports have increased from 2.4% to 4.6%, indicating a gradual shift towards bulk drug exports,” he said.