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HealthWorld reports that India’s pharmaceutical exports to the United States have increased by 15% in the first 11 months of FY24.

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India's pharma exports to US surge 15% in 11 months of FY24, ET HealthWorld

India’s pharmaceutical exports to the US have seen a significant increase of 15% in the first 11 months of the last financial year, reaching $7.83 billion. This growth comes after a period of stagnation and challenges in the industry. R Uday Bhaskar, director general of Pharmexcil, highlighted the positive impact of this growth on the pharma industry, especially considering the regulatory obstacles and pricing pressures faced by exporters.

The overall pharmaceutical exports from India also showed a substantial increase of 9.34% during the same period, totaling $25.04 billion. The US market accounts for approximately 30% of India’s total pharma exports, making it a crucial destination for the industry. Despite facing hurdles in the past, the recent surge in exports to the US is seen as a promising development for Indian pharmaceutical companies.

According to Pharmexcil estimates, the growth rate of exports to the US more than doubled from the previous financial year, highlighting the resilience and competitiveness of the Indian pharma sector. Bhaskar noted that the slowdown in approvals from the USFDA and sluggishness in the local market had previously affected exports, but the recent growth signals a positive trend for the industry.

The pharmaceutical export sector plays a significant role in India’s economy, and the increase in exports to the US is a welcome development for the country. As the industry continues to navigate regulatory challenges and market dynamics, the growth in exports reflects the strength and potential of India’s pharmaceutical sector on the global stage.

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