Indian pharmacy sales have seen a growth of 103% from 2013-14, from Rs. 90, 415 Crores in 2013-14 to Rs. 1,83,422 Crores in 2021-22. Exports acquired in 2021-22 are the best export function of the Pharma Sector. Amazing growth and exports grow by about USD 10 billion over 8 years.
Highlighting the success of the tweet, the Minister of Trade and Industry, Consumer Affairs, Food and Distribution and Fabric, Shri PiyushGoyal said that under the active leadership of the Prime Minister, Shri Narendra Modi India has been operating ‘as a pharmacy. Earth ‘.
Building on outstanding performance in the previous FY 2020-21, Indian pharmacy re-registered healthy operating in 2021-22. Pharmacy sales in 2021-22 have continued to grow positively despite global trade disruptions and declining demand for COVID-related drugs. Trade balance continues to favor India, with an abundance of USD 15175.81 Million.
Indian pharmaceutical companies, empowered by their competitive prices and quality, have made a name for themselves worldwide, with 60% of global vaccines and 20% of generic medicines from India.
India is ranked 3rd in the world in volume production and 14th in total. Behind the success story of the Indian pharmacy is our world-class production excellence, strong infrastructure, cost competitiveness, skilled people and innovation. The current market size of India’s pharmaceutical industry is about USD 50 billion.
The share of medicines and drug exports worldwide is 5.92%. Forms and biology studies continue to account for the bulk of 73.31% of our total exports, followed by Bulk drugs and drug coordinators with export exports of USD 4437.64 million. The top 5 export destinations in India are USA, UK, South Africa, Russia and Nigeria.
It is also noteworthy that about 55 percent of our export pharmacies cater to highly regulated markets. Indian pharmaceutical companies have a significant share in the US and EU medical markets. The largest number of FDA-approved plants outside the US is in India.
Even in the year 2020-21, Indian drugs and medicines had registered strong growth during COVID depreciation, earning USD 24.4 Bn exports with an increase of YoY by 18%.The impressive growth in exports in 2020-21 was achieved due to frequent closures, disruptions to the global supply chain and a depressed manufacturing sector. The Indian pharmaceutical industry has played a vital role in the fight against the COVID epidemic and is showing the world that we continue to be a reliable and trustworthy partner when it comes to tackling the global health crisis.
The Indian vaccine industry has developed the Covid vaccine with traditional technology in partnership with an Indian research institute such as ICMR and NIV in a relatively short period of time compared to highly developed countries such as the United States and the EU. India has supplied 115million doses of vaccines in more than 97 countries.As part of trade agreements, India has also signed a partnership agreement with the UAE and Australia that will provide improved access to Indian pharmaceutical products in these markets.
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