Drugs and pharmaceutical industry registered exports of $20.40 billion from April to Dec 2023, which is 8.20% more than the last year’s figure for the period, according to a report by Pharmarack, a research agency.
In Dec 2023, exports stood at $2.47 billion, registering an increase of 9.30% over $2.27 billion in Dec 2022. Dec 2023 recorded the highest monthly export of drugs and pharmaceutical products in the current financial year.
Indian Drug Manufacturers’ Association (IDMA) president Viranchi Shah said, “India has become the pharmacy of the world with affordable and quality medicines, and we believe that our exports will continue to increase with more and more manufacturing plants getting various regulatory approvals.”
For the calendar year 2023, Indian pharma market registered sales of Rs 1,93,338 crore, which shows 6.83% growth in terms of value.
An office-bearer of IDMA said, “The majority of the growth has come from the value side but the unit growth is not seen in many products.”
According to Shah, in Dec 2023, the Indian Pharmaceutical Market (IPM) reported the revenue of about Rs 16,839 crore with the value growth of 9% and the unit growth of 2%. All the therapies have shown an optimistic value growth for the month along with relatively higher unit growths seen in cardiac, anti-infectives, gastro-intestinal, anti-diabetic, neuro-CNS, antineoplastic, hormone, vaccine and stomatological therapies. The volumes have picked up for a majority of the top contributing therapies, wherein cardiac, anti-infectives, neuro/CNS and anti-neoplastics have shown the highest volume growth.
Big spikes in prices were seen in gastrointestinal, respiratory, vitamins, pain-analgesics, neuro/CNS, stomatologicals and antimalarial therapies. Anti-diabetic, blood-related, anti-neoplastics, hormones and stomatologicals are largely responsible for the new product lever pushing the Indian pharma market, a report by Pharmatrac said.
