As the world’s pharmacy, India had a 138% growth in pharmaceutical exports from April through October 2022–23 compared to the same time in 2013–14.
Since April through October, India’s pharmaceutical exports have increased by 138%, rising from Rs 37,987.68 crores in 2013–14 to Rs 90,324.23 crores in 2021–22. Mansukh Mandaviya, the union Health minister, claimed in a tweet with an infographic depicting India’s pharmaceutical exports over the years that the country is leading the globe in medical exports.
India is recovering under PM Narendra Modi’s inspirational leadership. India’s export of pharmaceutical products saw a phenomenal growth of 138% between April and October 2022 compared to the same period in 2013, and has now become a global pharmaceutical powerhouse! Mandaviya stated this in a tweet.
In his speech to the Davos Summit in January, Prime Minister Narendra Modi claimed that India, the third-largest pharmaceutical producer in the world, was now a pharmacy for the entire world. He also claimed that India had saved millions of lives during the COVID-19 pandemic by providing vaccines and necessary medications to many nations as part of the One Earth One Health vision. In his virtual state of the world address at the World Economic Forum’s Davos Agenda, Prime Minister Modi stated, In this time of Corona, we have witnessed how India is saving crores of lives by sending crucial medicines and vaccines to numerous countries, following the concept of One Earth, One Health.
Building on the exceptional results in the preceding fiscal year (FY) 2020–21, Indian pharmaceutical exports once again experienced strong growth in 2021–22. Despite the disruptions to global trade and the decline in demand for COVID-related medications, pharmaceutical exports had positive growth in 2021–2022.
60% of the world’s vaccinations and 20% of generic medications came from India in May, thanks to Indian pharmaceutical companies’ competitive pricing and high quality.
In May, pharmaceuticals and drugs made up 5.92% of the total exports.
In both the US and the EU, prescription drug sales are dominated by Indian pharmaceutical companies. Outside of the US, India has the most plants with FDA approval. Even in 2020–21, Indian pharmaceuticals and drugs saw a high increase despite the COVID crisis, exporting $24.4 billion with a YoY gain of 18%.
By overcoming the regular lockdowns, global supply chain interruptions, and the weak industrial sector, the unprecedented export increase in 2020–21 was made possible. The Indian pharmaceutical industry was crucial in the fight against the COVID pandemic and in showing the rest of the world that it is still a trustworthy and dependable partner in times of international health crises.
In the shortest amount of time, and on par with highly developed nations like the United States and the European Union, the Indian vaccine industry developed the COVID vaccine using indigenous technology in collaboration with Indian research institutions like the Indian Council of Medical Research (ICMR) and the National Institute of Virology (NIV). Over 97 countries received 115 million vaccination doses from India.
India has also negotiated cooperation agreements with the UAE and Australia as part of the trade deals, enhancing Indian pharmaceutical products’ access to these markets.