India’s pharmaceutical exports grew by 5% in the first half of the current fiscal year, reaching a value of $13,361 million compared to $12,723 million in the same period last year. The US, the UK and Brazil were the top three destinations for Indian pharma exports, with values of $4,142 million, $370 million and $336 million, respectively. The growth was driven by increased demand and the expansion of mid-level pharma companies in India. The clearance of pending site inspections by the USFDA also contributed to the growth.
Pharmexcil has said that if the current rate continues, overall exports for the fiscal year are likely to surpass $27 billion. Additionally, due to the Israel-Hamas war, Indian exporters may benefit from increased drug shortages, resulting in higher exports over the next few months. In 2022-23, pharma exports to Israel grew by 40% to $92 million, as per a report.