Pharmaceutical Export Market in India
Market insights:The pharmaceutical industry has witnessed rapid growth in the past few decades and is expected to develop further, owing to huge export possibilities. The business caters to 50% of the global demand of various vaccines, 40% of generic medicines demand in the US, and 25% of all medication in the UK. The Indian Pharmaceutical exports market grew by 11.88% between FY 2019 and FY 2022 to reach INR 1,445.81 Bn in FY 2022, despite the global pharmaceutical industry shrinking by 1-2% in 2020 due to COVID-19. This was despite the global industry reduced by almost 2% in 2020 on account of COVID-19.
Impact of COVID-19:
The onslaught of COVID-19 and the nationwide lockdown severely impacted the healthcare and pharmaceutical infrastructure, and the country’s economy. Travel restrictions, shortage of workforce, disruption in world trade, and bottleneck in logistics impacted the supply chain of pharmaceutical products. During the second wave, key market players took major steps as per regulatory guidelines with smart solutions to tackle the supply-demand gap. As of 2021, India shipped over INR 1,349 Bn worth drugs to over 200 nations, ranging from the highly regulated markets in North America and Europe to countries with small pharmaceutical markets.
Major players such as Sun Pharmaceuticals Industries Limited, Aurobindo Pharma Limited, Lupin Limited, and Dr. Reddy’s Laboratories Limited have made huge strides in their net revenue. This is because of government initiatives that propelled export possibilities.
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