India’s pharmaceutical exports that were around $17.27 billion in 2017-18 have raced past the $11 billion mark in the first seven months of current fiscal.

“If the trend continues, we will cross $20 billion, at least $19 billion [for sure] this financial year,” says Ravi Uday Bhaskar, Director General, Pharmaceuticals Export Promotion Council of India (Pharmexcil).

A crucial component of the country’s foreign trade, pharma exports in the April-October period was about $1.1 billion more compared to the year earlier period.

Anything above $17.27 billion will a new high as the 2017-18 achievement remains the best thus far and a smart recovery too coming as it did despite an 8% negative growth in the important US market. In 2016-17, the exports totaled $16.78 billion, the first time India pharma exports went into negative zone.

Over one-third of India’s pharma exports are to the US. Europe with around 15% and Africa at 17% are the other major export markets. “Almost all major markets are showing good growth… everything is moving in a positive direction,” said Mr.Bhaskar, speaking on the sidelines of a meeting on pharma exports to China, organised by Pharmexcil in Hyderabad on Monday.

“Exports to the US has been 14% positive in the first seven months,” he said, adding this came on the back of prices stabilizing in that market though erosion in the margin remains a concern. On the road ahead, he said the uptrend would continue as a chunk of the pharma exports happen after Christmas.

On pharma exports to China, he said from $145.45 million in 2016-17 they increased to $200 million last fiscal and show signs of a higher growth in the current financial year. “We have already crossed $123 million,” he said.