By 2030, pharmaceutical exports from the country will reach USD 120 billion

By 2030, pharmaceutical exports from the country will reach USD 120 billion

Despite a decline in exports of other goods from India in the last financial year, pharmaceutical exports from the country grew by 9.6% to reach USD 27.8 billion in 2023-24. And it is expected to reach USD 120 billion by 2030.

Medicines are among the top five items exported from India. The country exports pharmaceutical formulations, bulk drugs, biologics, vaccines, surgical, medical devices, AYUSH products and herbs, said Pharmexil Chairman Dr SV Veeramani.

Speaking at the inaugural function of Pharmac South in Chennai, he said India is self-sufficient in formulations but depends on China for active pharmaceutical ingredients or APIs. Apart from being a manufacturing hub, India is now branded as a base for Contract Research and Manufacturing Services (CRAMS). India has built a strong foundation for contract research, research development and clinical research.

A notable achievement is that about 55% of Indian exports go to highly regulated markets in the US and Europe. India accounts for 45.5% of Africa's generics market.

As far as the Indian pharmaceutical industry is concerned, there are 741 US FDA-approved plants, 386 European-approved plants and more than 2,000 WHO-GMP-certified units. Today most manufacturing companies are preparing for revised Schedule M and WHO -GMP accreditation. With this, India has achieved the largest capacity to meet the growing demand for medicines anywhere in the world, he said.

Dr Weeramani said events like Pharmac South provide opportunities for pharmaceutical companies to showcase their products and capabilities. Also, this trade show provides networking opportunities between sellers and buyers and facilitates the exchange of ideas and products. The Pharmexil chairman expressed confidence that India has a bright future to grow to USD 120 billion by 2030.

Among the guests who shared the stage were Tara B Patel, General Secretary, IDMA, Dr. Ravichandran, Director, Nipper Kolkata, and Dr. KM Srinivasan, Deputy Drug Controller, CDSCO.

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