Pharma stocks jump amid rise in India’s drugs and pharmaceuticals exports in FY24
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Stocks related to pharmaceuticals industry were trading higher on the BSE, as the commerce ministry in its latest data has showed that the country's drugs and pharmaceuticals exports increased 9.67 per cent year-on-year to $27.9 billion in 2023-24, even as the total exports dipped by 3 per cent in the last fiscal. In March 2024, pharma exports grew by 12.73 per cent to $2.8 billion.
Sun Pharmaceutical Industries is currently trading at Rs. 1499.25, up by 12.90 points or 0.87% from its previous closing of Rs. 1486.35 on the BSE.
Lupin is currently trading at Rs. 1593.00, up by 12.95 points or 0.82% from its previous closing of Rs. 1580.05 on the BSE.
Aurobindo Pharma is currently trading at Rs. 1089.65, up by 6.05 points or 0.56% from its previous closing of Rs. 1083.60 on the BSE.
According to the data, the top five export markets, for the sector during the last fiscal, are the US, the UK, the Netherlands, South Africa and Brazil. The US accounts for over 31 per cent of India's total pharma exports, followed by the UK and Netherlands (about 3 per cent each). In 2023-24, the outbound shipments also entered new geographies like Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti and Ethiopia.
India's pharmaceutical industry is the third largest by volume and the 13th largest by value in the world, producing more than 60,000 generic drugs across 60 therapeutic categories. The government has rolled out two production-linked incentive (PLI) schemes to promote domestic manufacturing of key pharmaceutical ingredients and generic medicines.
