India’s pharmaceutical exports grew 8.1 per cent to reach $15,785 million during April-October in the current financial year compared to $14,598 million in the corresponding period last year. According to R. Uday Bhaskar, Director-General, Pharmaceutical Exports Promotion Council (Pharmexcil), there was stupendous growth of 29.3 per cent in pharma exports in October during FY24 at $2,424 million as against $1,875 million in the same month last year. The drivers for the surge were the shortage of drugs in the US and European markets and the revival of African markets. While the projection of pharma exports for the full year till now is at $27 billion, given the current run rate in April-October this year, total exports are likely to cross the $28 billion mark. In FY23 pharma exports were at $25.3 billion, as per a report.
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