The pharmaceutical industry in India is anticipated to grow significantly in the next fiscal year, with an approximate 11% increase in export sales. The previous year saw a strong gain of about 10%, mostly due to important markets like the United States and the United Kingdom (UK). This optimistic outlook comes after that year. These findings were recently revealed by the government-backed trade agency, Pharmaceuticals Export Promotion Council of India (Pharmexcil).
India’s pharmaceutical exports have surged even in the face of concerns expressed by certain nations over the quality of its medicinal items. Global concern over drug quality has increased in response to recent events, such as deaths in Uzbekistan and the Gambia linked to cough syrup. Nonetheless, the pharmaceutical sector in India has continued to perform well in exports.Estimated export numbers for the fiscal year that ends on March 31 show a notable increase, with exports predicted to top $31 billion as opposed to around $28 billion in the previous fiscal year. This growth trajectory is especially remarkable in light of the COVID-19 pandemic’s obstacles and the constantly changing global health problems.
The United States, the United Kingdom, Latin America, and Africa are the growth areas propelling this expansion, according to Udaya Bhaskar, director general of Pharmexcil. Particularly, the U.S. market is a significant market that accounts for about 30% of India’s yearly pharmaceutical exports. India’s pharmaceutical exports to the U.S. market increased by a significant 16% in the most recent fiscal year, demonstrating the country’s importance to the industry.
India has a significant presence in the international pharmaceutical markets for a number of reasons. The nation’s capacity to supply medications at reasonable prices, resolving drug shortages in different areas, is a crucial component. The market for Indian pharmaceutical items abroad has also been boosted by the rising incidence of lifestyle disorders including diabetes, hypertension, and depression.
Similar opinions are expressed by India Ratings and Research, which highlights that for Indian drugmakers to maintain revenue growth in the current fiscal year, the U.S. market will be crucial. The pharmaceutical industry’s adaptation and competitiveness on the world stage is highlighted by India’s pharmaceutical exports’ resilience in the face of global problems.
Although the U.S. market continues to be the main focus, Bhaskar believes that the UK market has a lot of untapped potential. For Indian pharmaceutical businesses operating in the UK, factors including post-BREXIT adjustments and rising medicine pricing from Europe have created opportunities. Drug shortages at the National Health Service (NHS) in the UK are also causing demand for Indian pharmaceuticals.Bhaskar points out that India’s pharmaceutical sector will have difficulty expanding beyond generic medications in order to take the lead in the world pharmaceutical market. Realizing the business’s full potential is impeded, in part, by insufficient government assistance and insufficient industry investment.Pharmacies in India are experiencing rapid expansion because to growing export markets such as the United States and the United Kingdom. India’s pharmaceutical industry has shown resilient in the face of global scrutiny and obstacles, providing high-quality and reasonably priced medications that meet vital healthcare requirements globally. However, for India to further solidify its standing as a major player in the pharmaceutical business worldwide, it will be imperative to solve industry difficulties and improve support systems.
SOURCE:
THE ECONIMIC TIMES
