IGI Logo

Udaya Bhaskar, Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil), a body under the Department of Commerce has said that Indian pharma exports registered a growth of 8 per cent during the first quarter of the current financial year (Q1FY23) to $6.26 billion, as he hopes for a 10 per cent growth by the end of the fiscal. He also said that pharma exports to European Union and other CIS countries which were hit by the ongoing war in Ukraine and restrictions are expected to improve once the situation becomes normal.

Bhaskar said ‘in the first quarter, our exports recorded 8 per cent growth. We are positive of a growth of 3.6 per cent to the US in the first quarter, where 30 per cent of our exports go. I am optimistic that our exports to EU and CIS (Commonwealth of Independent States) will improve once the situation of Russia-Ukraine war settles. Our exports may be around $27 in FY 22-23.’ He also said India clocked $24.61 billion worth of pharma exports in FY22, registering 1 per cent growth over FY21.

Further, he said COVID-19 vaccine exports stood at 239 million doses to over 100 countries and they continue to grow. Talking on the ongoing Russia-Ukraine war, he said the former is an important country for India and occupies fifth position in terms of pharma exports. He noted that nearly 60 per cent of the overall exports to CIS countries go to Russia and with the war figures are dwindling.