Indian Pharma Export 8.4 per cent growth in July

However, it's essential to note that while pharma export are booming, imports have also shown an increase.

August 20, 2024

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Last Updated on September 2, 2024 by The Health Master

Pharma Export

India’s pharmaceutical sector continues to shine on the global stage, with pharma export witnessing robust growth in July 2024.

According to the latest data from the Ministry of Commerce and Industry, the sector’s outbound shipments surged by a commendable 8.36% compared to the same period last year, reaching a value of $2.31 billion.

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Strong Performance in First Four Months of FY24

This stellar performance is not an isolated incident.

The overall growth for the first four months of the current fiscal year (April to July) stands at an impressive 9.04%, totaling $951 billion.

This upward trajectory underscores India’s position as a global pharmaceutical manufacturing hub.

However, it’s essential to note that while pharma export are booming, imports have also shown an increase.

In rupee terms, imports rose by over 10% in July, reaching Rs. 19,331 crore.

For the April-July period, the import bill climbed 10.74% to Rs. 79,415.8 crore.

A Closer Look at Import Trends

Breaking down the import data further, we see that medicinal and pharmaceutical product imports grew by a modest 0.72% in July, amounting to $740.53 million.

While this figure might seem small, it’s important to consider the overall trend.

For the first four months of the fiscal year, imports in this category increased by nearly 8%, totaling $2.89 billion.

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Sectoral Overview

To gain a comprehensive understanding of the sector’s performance, it’s crucial to examine the data for the first three months of the fiscal year (April to June).

During this period, pharma export exhibited a robust growth rate of 9.3%, reaching $7.20 billion.

Imports, on the other hand, experienced a more significant jump of 12.4%, amounting to $2.15 billion.

Fiscal Year 2023-24

Looking at the bigger picture, the pharmaceutical sector achieved remarkable growth in the entire fiscal year 2023-24.

Pharma export surged by 9.3% to $27.85 billion, showcasing India’s dominance as a global supplier of affordable medicines.

Conversely, imports witnessed a more subdued growth of 2.02% to $8.27 billion during the same period.

While this is lower than the pharma export growth, it still indicates a rising demand for certain pharmaceutical products within the country.

Conclusion

India’s pharmaceutical industry continues to be a driving force of the economy, with pharma export leading the charge.

However, the increasing import figures warrant close attention.

Striking a balance between boosting pharma export and reducing import dependency will be crucial for the sector’s long-term sustainability and growth.

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.

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