Pharma exports have touched Rs 1,83,422 crore in 2021-22 against Rs 90,415 crore in 2013-14, the commerce ministry said on Sunday.
The exports in 2021-22 sustained a positive growth despite the global trade disruptions and drop in demand for COVID related medicines, it added.
"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," the ministry said.
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 USD 50 billion.
The share of pharmaceuticals and drugs in the global exports is 5.92 per cent.
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, according to the ministry.
India's top five pharma export destinations are the US, UK, South Africa, Russia and Nigeria.
"Even in the year, 2020-21, Indian drugs and pharmaceuticals had registered a sharp growth amid the COVID despair, achieving an export of USD 24.4 billion with a YoY growth of 18 per cent," it said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU