Industry

Booming Growth in Indian Pharma Exports: August 2023 Report

The Growth in Indian pharma export is experiencing an impressive surge, with a notable 4.53% growth recorded in August compared to the same period last year.

The Health Master

September 23, 2023

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Growth graph Increase rise — Picture: Pixabay

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Last Updated on September 26, 2023 by The Health Master

Growth in Indian Pharma

The growth in Indian pharma exports is experiencing an impressive surge, with a notable 4.53% growth recorded in August compared to the same period last year.

This upward trajectory has continued for the first five months of the current fiscal year, registering a commendable 4.18% growth. Let’s delve into the details of this promising development.

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August 2023: A Remarkable Milestone

In August 2023, the Central Government’s data revealed a substantial leap in pharma exports. The figures stood at $2.24 billion, demonstrating a noteworthy increase from $2.14 billion in the corresponding month of the previous year. This translates to an impressive 5.66% growth compared to the preceding month of July.

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Fiscal Year Overview: April to August 2023

Zooming out to assess the broader picture, the period from April to August 2023 has been characterized by consistent growth. Exports in this span reached a commendable $10.96 billion, marking a significant rise from the $10.52 billion reported during the same period in the preceding fiscal year.

Imports: A Contrasting Perspective

While exports painted a positive picture, imports experienced a different trajectory. August 2023 saw a substantial 20.08% increase, reaching $763 million, compared to $635 million in the same month of the previous year. However, the cumulative imports from April to August 2023 experienced a marginal decline to $3.45 billion, as opposed to $3.46 billion during the corresponding period of the previous fiscal year.

Indian Pharma Growth Trajectory

The Ministry of Health and Family Welfare reported a staggering 125% growth in Indian pharma exports from Rs. 90,415 crore in 2013-14 to Rs. 2,04,110 crore in 2022-23. This monumental surge underscores India’s burgeoning prominence in the global pharmaceutical landscape.

A Global Player in Pharmaceutical Production

India has firmly established itself as a global powerhouse in pharmaceutical production. Ranking third worldwide in terms of volume, the nation exports its products to over 200 countries and territories. The top five destinations for Indian pharmaceuticals are the USA, Belgium, South Africa, UK, and Brazil.

Vaccine Production: A Pinnacle Achievement

India’s influence in global vaccine production is unparalleled, accounting for a staggering 60% of the total output. This monumental feat solidifies India’s position as the world’s largest vaccine producer. Furthermore, India’s role as a leading supplier of cost-effective vaccines and the largest provider of generic medicines globally, holding a remarkable 20% share in global supply by volume, further underscores its pivotal role in the pharmaceutical industry.

Vaccine Maitri Initiative: A Global Endeavor

Under the esteemed Vaccine Maitri initiative, India has extended its benevolent hand to more than 100 countries across the globe, supplying over 298 million COVID-19 vaccines. This monumental effort showcases India’s commitment to global health and well-being.

Investment Surge: A Testament to Growth

The Ministry further reported that India received a significant investment of Rs. 21,861 crore under the PLI (Production-Linked Incentive) schemes, attesting to the vibrant growth and potential in the pharmaceutical sector.

Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.