Pharma exports touch Rs 1,83,422 crore in 2021-22: Commerce ministry
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The commerce ministry has said pharma exports have touched Rs 1,83,422 crore in 2021-22 against Rs 90,415 crore in 2013-14. It stated the exports in 2021-22 sustained a positive growth despite the global trade disruptions and drop in demand for COVID related medicines.
Further, it mentioned Indian pharma companies enabled by their price competitiveness and good quality, have made a global mark, with 60 per cent of the world's vaccines and 20 per cent of generic medicines coming from India. India ranks third worldwide for production in terms of volume and 14th by value.
The current market size of the domestic pharmaceutical industry is around $50 billion. The share of pharmaceuticals and drugs in the global exports is 5.92 per cent. Besides, it said formulations and biologicals continue to account for a major share of 73.31 per cent of the country's total exports, followed by bulk drugs and drug intermediates. India's top five pharma export destinations are the US, UK, South Africa, Russia and Nigeria.
