India’s pharmaceutical exports increased 138 percent from April to October 2022–23 compared to the same period in 2013–14, when the country became the world’s pharmacy.
Since April-October 2013-14, India’s pharmaceutical exports have increased by 138 percent, from Rs 37,987.68 crores in 2013-14 to Rs 90,324.23 crores in 2021-22.
In a tweet with an infographic of India’s pharmaceutical exports over the years, Union Health Minister Mansukh Mandaviya stated that India’s medicine exports are leading the world.
Mandaviya tweeted, “India is Healing The World India’s export of pharma products registered a tremendous growth of 138 percent in April-October 2022 over the same period in 2013 under PM Narendra Modi Ji’s visionary leadership has emerged as a Global Pharma Powerhouse!”.
In January, Prime Minister Narendra Modi stated at the Davos Summit that India is now a pharmacy to the world and the world’s third-largest pharma-producer, adding that India saved crores of lives during the Covid-19 pandemic by supplying vaccines and essential medicines to many countries under the ‘One Earth One Health’ vision.
“In this time of Corona, we have seen how India, following the vision of ‘One Earth, One Health,’ is saving crores of lives by giving essential medicines and vaccines to many countries,” PM Modi said while virtually delivering the’state of the world’ address at the World Economic Forum’s Davos Agenda.
Building on the excellent performance of the previous fiscal year 2020-21, Indian pharmaceutical exports performed well in 2021-22. Despite global trade disruptions and a drop in demand for COVID-related medicines, pharmaceutical exports in 2021-22 remained positive.
In May, Indian pharmaceutical companies made a global mark, thanks to their low prices and high quality, with 60 percent of the world’s vaccines and 20 percent of generic medicines coming from India.
In May, pharmaceuticals and drugs accounted for 5.92 percent of our total global exports.
Indian pharmaceutical companies have a sizable presence in the US and EU prescription markets. India has the most FDA-approved plants outside of the United States.
Even in the year 2020-21, Indian drugs and pharmaceuticals saw a sharp increase amid COVID despair, achieving an export of USD 24.4 billion with an 18 percent YoY growth.
Despite frequent lockdowns, global supply chain disruptions, and a depressed manufacturing sector, the extraordinary export growth in 2020-21 was achieved. The Indian pharmaceutical industry played a critical role in combating the COVID pandemic and demonstrating to the world that we remain a dependable and reliant partner when dealing with a global health crisis.
The Indian vaccine industry developed Covid vaccine using indigenous technology in collaboration with India’s research institutions such as the Indian Council of Medical Research (ICMR) and the National Institute of Virology (NIV) in record time, on par with highly developed countries such as the United States and the European Union. More than 97 countries received 115 million doses of vaccine from India.
As part of the trade agreements, India signed a cooperation agreement with the UAE and Australia, which will give Indian pharmaceutical products better access to these markets.