After a lull, India’s pharma exports to the US have surged 15% in the first 11 months of the last financial year despite regulatory challenges and rising pricing pressures.
The pace of exports has more than doubled from the 6.18% growth in the same period of FY23, according to estimates by Pharmaceutical Export Promotion Council (Pharmexcil).
Exports to the US climbed to $7.83 billion during the April-February period from $6.8 billion in the same period in FY23.
India’s total pharmaceutical exports increased 9.34% at $25.04 billion from $22.9 billion during the period under review. US contributes about 30% of India’s total pharma exports.
R Uday Bhaskar, director general, Pharmexcil, said after a negative growth in 2022, the growth in US exports is good news for the pharma industry.
“Till FY16, India’s exports were always growing at more than twice the rate as we were getting faster approvals of Abbreviated New Drug Applications … However, later USFDA not only slowed down its approval rate but even the US local market was also sluggish,” he said.