Exports of Indian pharma touched Rs 1.83 lakh crore in FY ’22

New Delhi, May 1: Export of Indian pharma touched Rs 1,83,422 crore in the financial year 2021-22, an official statement said on Sunday. The pharma exports in 2021-22 sustained a positive growth despite the global trade disruptions and drop in demand for Covid-related medicines. The trade balance continued to be in India’s favor, with a surplus of USD 15,175.81 Million, according to the statement. Export growth was achieved, braving the frequent lock downs, global supply chain disruptions and the depressed manufacturing sector. ”The Indian pharma industry played a pivotal role in fighting against the COVID pandemic and demonstrating to the world that we continue to be a reliable and dependent partner when it comes to dealing with a global health crisis,” the statement said. The Indian vaccine industry developed Covid vaccine with indigenous technology in collaboration with India’s research institutions like ICMR and NIV within the shortest time on par with highly developed countries like America and EU. India provided 115 million doses of vaccines to more than 97 countries. The current market size of the Indian pharmaceutical industry is around USD 50 billion. The share of pharmaceuticals and drugs in global exports is 5.92%. Formulations and biologicals continue to account for a major share of 73.31% in our total exports, followed by Bulk drugs and drug intermediates with exports of USD 4,437.64 million. India’s top 5 pharma export destinations are USA, UK, South Africa, Russia and Nigeria. In 2020-21, Indian drugs and pharmaceuticals had registered a sharp growth amid the COVID despair, achieving an export of USD 24.4 Bn with a YoY growth of 18 per cent. (UNI)