Indian pharmaceutical exports increased by 8% in the first quarter of the current fiscal year to $6.26 billion, with officials anticipating a 10% increase by year’s end.
Pharma exports to the European Union and other CIS countries, which were affected by the ongoing war in Ukraine and subsequent limitations, are expected to improve once the situation returns to normal, according to the Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil), Udaya Bhaskar. The council happens to be under the Central Government’s department of commerce.
Bhaskar added that there was an 8% increase in exports during the first quarter. In the first quarter, they anticipate a gain of 3.6% in exports to the US, the destination of 30% of India’s exports. Once the situation around the Russia-Ukraine war calms, Bhaskar said he was optimistic that exports to the EU and CIS (Commonwealth of Independent States) would improve. In FY 22-23, exports might reach about $27 billion.
India’s pharmaceutical exports totaled $24.61 billion in FY22, an increase of 1% over FY21. According to recent comments from Union Minister Mansukh Mandaviya, exports of Made in India medicinal products increased by 146% from April to June 2022 compared to the same period in 2013.
The official added that COVID-19 vaccine shipments, which currently total 239 million doses to more than 100 nations, are on the rise. Regarding the current situation between Russia and Ukraine, he said that the former is important to India and stands sixth in terms of pharmaceutical exports.
According to him, about 60% of all exports to CIS nations go to Russia, and as a result of the war, those numbers are declining. He also mentioned how difficult it had been to export to Europe. He predicted that India may see an increase in exports of another $1 billion if the situation improved.
In order to address the concerns associated with the lack of pharmaceutical items there, he claimed that Pharmexcil and the Russian Embassy in New Delhi had arranged a webinar with the representatives of the Russian Trade Commission, bankers, as well as Indian and Russian businessmen.
The webinar’s focus, according to him, is on how to increase Indian exports and how Indian and Russian businesses should handle the problems.
The webinar was attended by Deputy Trade Commissioner of the Russian Federation-India, Evgeny Griva, Uday Bhaskar, high-level government representatives, notable Russian pharmaceutical institutes, and over 110 Indian enterprises.