In India, the pharmaceutical sector is essential for economic growth. Manufacturers of branded medications, generic medicines, biopharmaceutical goods, and contract research organizations can all be classified under the pharmaceutical business. India is the biggest supplier of generic medications. Based on pharma export data, India exported pharmaceutical products worth US$24.62 billion. In this blog, we will assist you in knowing the market data for pharmaceutical products and identifying the list of the best pharmaceutical products exported from India.
As we know, India is the third largest pharmaceutical exporter in the world. One of the most valued nations is one that has a thriving pharmaceutical industry.
Majorly, OTC medications, generic pharmaceuticals, active pharmaceutical ingredients (APIs), vaccines, biosimilars, and custom research manufacturing are significant components of the Indian pharmaceutical industry, which contributes 20% of the global supply volume and nearly 60% of the world's vaccinations.
The Indian pharmaceutical sector has historically made an important contribution to the fight against the COVID-19 pandemic and mitigated its impacts by delivering accessible global health remedies in times of medical emergency. Since then, India's pharmaceutical sector has witnessed unprecedented growth and is expected to generate revenue of $130 billion by 2030.
Explore the following Pharma export data to have a clearer understanding of this industry's potential for growth.
India is the largest producer of generic medications in the world, and in the fiscal year 2023, India exported products worth over $25 billion USD as per Pharma export data. 20% of all generic medicine exports worldwide, based on export value.
India's share of pharmaceuticals in the global market is 5.92%. With a share of 73.31%, pharmaceuticals and medicines formed the majority of India's exports.
India exported pharmaceutical products worth US$24.62 billion in 2021–2022, based on Pharma Export Data. This noteworthy achievement was accomplished despite the disruptions to the global supply chain, the lockout, and muted manufacturing. Based on pharma export data, over 5% of India's exports go to highly regulated nations, and 8 out of 20 worldwide generic companies are thought to be located in the United States of America.
Also Read: India's Top Exports and Who Buys Them
Did you know? India recorded the highest value of pharmaceutical exports to the United States in fiscal year 2022, with a value of nearly 529 billion Indian rupees. With almost 53 billion rupees, the United Kingdom came in second place that year.
In the fiscal year 2022, India’s pharmaceutical exports have maintained their upward trend, reaching $25.3 billion, roughly Rs 2,08,231 crore, as per pharma export data.
Formulations and biologics accounted for the majority of India's exports, with a share of 73.31%. The total amount of the nation's pharmaceutical exports in 2021–22 was US$24.62 billion, as per Pharma export data.
According to the India Export Data, bulk pharma exports stood at Rs. 37,852.77 crore during the fiscal year 2022-23, as compared to Rs. 33,320.93 crore in the previous fiscal year of 2021-22, registering 13.6 percent growth.
India exported a total of $612.1 million in Ayush and herbal products in the financial year 2021-2022. Also, India has exported a total of 1,240.6 million dollars worth of Ayush and Herbal products in the last two years (2021-2022 to 2022-23) based on India import export data
By the end of the fiscal year 2023, India will have exported surgical devices worth about 596 million dollars. Since the financial year 2015, a steady rise in the export value of these instruments has been observed. If you are looking for updated and reliable Surgical item export data, you can connect with Seair Exim Solutions. We provide India export import data and an HSN code list for specific products.
Did you know? Paracetamol, cyclopam, and betnesol tablets are the major medicines exported from India.
Based on pharma export data, India exports pharma products to several countries, such as:
As per the pharmaceutical products export data, India exports pharmaceutical goods to the Middle East, Asia, CIS, Latin America and the Caribbean (LAC), North America, Africa, the EU, ASEAN, and other European regions. India exports about two-thirds of its goods to NAFTA, Europe, and Africa. The USA, UK, South Africa, Russia, and Nigeria were India's pharmaceutical industry's top five export destinations in 2021–22.
Other key export destinations like the USA, the UK, and Russia are among the biggest importers from India at a share of 29%, 3%, and 2.4%, respectively, during 2021-22
In FY 2021–22, India exported pharmaceutical items to the following nations:
Over the past three years, the value of India's pharmaceutical exports to the USA has increased at a CAGR of 6.9%, as per Pharma export Import Data. Additionally, over the same time period, it increased at a CAGR of 3.8% for the UK and 7.2% for Russia, respectively.
To find accurate and updated Pharma Export Data or HS Codes for Pharmaceutical Products, you can visit the Seair Exim Solutions platform to gain access to the real-time pharma Products Database. We provide authentic and genuine Import and export data India, HS code search, etc.
In conclusion, India is all set to become an international hub for pharmaceutical production and research on a global scale. Indian medications are in high demand due to their affordable prices and comparable quality, which is growing daily. This provides a great chance for pharmaceutical companies to increase their profits through Indian pharmaceutical exports. If you are having trouble finding Pharma export data, you can consider our business professionals. We have extensive knowledge of the market and can help you identify potential buyers and grow your trade business globally. Book a free live demo today!
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