Phramaceutical
India plays an important role in the global pharmaceuticals and vaccine industry. It is the largest provider of generic medicines globally. The country has a share of 20% in the global supply volume and contributes to around 60% of the global vaccines. India ranks third in the world in terms of volumes and is the fourteenth largest in terms of value.
India majorly exports drug formulations & biologicals and these products contribute to about 75% of the total pharmaceuticals exports out of India.
EXPORT TREND
India’s share of pharmaceuticals and drugs in the global market is 5.92%. During 2021-22, the country exported pharma products worth US$ 24.62 billion. In March 2022, India exported US$ 2.4 billion worth of drugs and pharmaceuticals, a 23% increase from US$ 1.97 billion in February 2022.
India has the highest number of United States Food and Drug Administration (USFDA) compliant companies with plants outside of the US. About 8 out of 20 global generic companies are from India and over 55% of the exports from the country are to the highly regulated markets. As the country is the biggest vaccine exporter, about 65-70% of the vaccine requirements of the World Health Organization (WHO) are sourced from India.
EXPORT TREND
India exports pharmaceutical products to North America, Africa, the EU, ASEAN, Latin America & Caribbean (LAC), Middle East, Asia, CIS and other European regions. The US, the UK and Russia are among the largest importers from India at a share of 29%, 3% and 2.4% during 2021-22 respectively.
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