Export Destinations for Indian Pharma Industry

Overview of the Indian Pharma Industry:

Indian pharmaceutical exports witnessed an extension of 103% since FY2013-14, from INR 90,415 Crores in FY 2013-14 to INR 1,83,422 Crores in FY 2021-22. The export performance of FY 2021-22 has been declared the Best Export Performance Ever of the pharma sector. This remarkable extension accounts for 10 USD billion in 8 years.

Globally, India ranks 3rd for production by volume and 14th by volume. The market size of the industry is nearly 50 USD billion. Known for competitive prices and good quality, the Indian Pharma companies have made their mark across the world. India is liable for 60% of the world’s vaccines and 20% of generic drugs.

Major Export Destinations for Indian Pharma Industry:

India exports pharma products to North America, Africa, the European Union, Latin America & Caribbean (LAC), ASEAN, the Middle East, Asia, CIS, and other European territories. Around 2-3rds of India`s exports goes to NAFTA, Africa, and Europe.

The top 5 export destinations for Indian Pharmaceutical Industry in the last Financial Year (2021-22) were the United States of America, the United Kingdom, South Africa, Russia, and Nigeria.

The United States of America, the United Kingdom, and Russia are among the biggest importers from India at a share of 29%, 3%, and 2.4%, respectively during 2021-22.

India’s exports of pharmaceutical products to these territories in FY 2021-22 were recorded:

• USA with 7,101.6 USD million
• United Kingdom with 704.5 USD million
• South Africa with 612.3 USD million
• Russia with 597.8 USD million
• and, Nigeria with 588.6 USD million

India’s pharmaceutical exports to the United States of America in terms of value grew at a CAGR of 6.9% over the last 36 months. And, for the United Kingdom and Russia, the pharma exports grew at a CAGR of 3.8%, & 7.2%, respectively.

As of August 2021, the total number of US Food and Drug Administration-approved facilities noted 741. Additionally, the total number of ANDAs won by the Indian firms till December 2020 noted 4,346.

Note: The US Food and Drug Administration inspections were not happening during the last couple of years because of the COVID-19 pandemic, but, the inspections have started again and are expected to further increase Indian exports to the USA.

Reference:

https://pib.gov.in/PressReleasePage.aspx?PRID=1821747

https://commerce.gov.in/about-us/divisions/export-products-division/export-products-pharmaceuticals/