Pharma exports are expected to touch $27 billion in the current financial year.
Despite the decline in exports in the last 6 months, India has achieved growth.
The strengthening of the dollar and the Russia-Ukraine war have affected growth.
New Delhi. The country’s pharma (drugs) exports increased by 4.22 per cent to reach $14.57 billion during April-October, the first seven months of the current financial year. This increase in exports has been achieved despite the fall in the last month. Uday Bhaskar, director general of the Indian Pharmaceutical Export Promotion Council (Pharmaxil), said he expects pharma exports to touch $27 billion in the current financial year. It was $ 24.62 billion in the last financial year. Significantly, Pharmaxil is an organization under the Ministry of Commerce.
Pharma exports stood at $13.98 billion in the same period last fiscal. Bhaskar said in a conversation with the news agency language, “The condition of our exports in the vaccine or vaccine category is very bad. Apart from this, exports have also been affected due to the Russia-Ukraine war. Despite this, our total pharma exports have increased. The US, Canada and Mexico (NAFTA countries), Europe and Africa account for 67.5 per cent or about $5 billion in the country’s total pharma exports.
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Exports fell in October
Pharma exports fell 5.45 percent to $1.95 billion in October. According to the recently released data of the Ministry of Commerce, India’s total exports in October 2022 have decreased by 16.65 percent to $ 29.78 billion as compared to the same month last year. During April-October 2022, exports registered a growth of 12.55 percent and stood at $ 263.35 billion.
impact of dollar strength
Bhaskar said that apart from sanctions due to the Russia-Ukraine war, the strengthening of the dollar against the currencies of some major countries also led to a decline in exports during October. For example, Nigeria is one of the top five markets for Indian pharma exports. The continued depreciation of the Nigerian naira against the US dollar has slowed imports from that country.” Union Health Minister Mansukh Mandaviya had recently tweeted that India has become a force in the global pharma market under the leadership of Prime Minister Narendra Modi.
Tags: business news, Pharma Industry, Pharmaceutical company
FIRST PUBLISHED : November 27, 2022, 11:35 IST