America is Top Destination of Indian Pharma Export

The top five export destinations for Indian Pharma Industry in 2022-23 were the US, UK, South Africa, Russia, and Nigeria. The US, UK, and Russia are among the largest importers from India at a share of 30%, 3%, and 2.4%, respectively during 2022-23. India’s exports of pharma products to these countries in FY22 were: USA with US$ 7.10 billion, the UK with US$ 704.5 million, South Africa with US$ 612.3 million, Russia with US$ 597.8 million, and Nigeria with US$ 588.6 million. India’s pharma exports to USA in value grew at a CAGR of 6.9% over last three years. Additionally, for UK and Russia, it grew at a CAGR of 3.8%, and 7.2%, respectively over the same period.

India has the highest number of United States Food and Drug Administration (USFDA) compliant companies with plants outside of USA. About eight 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 World Health Organization (WHO) vaccine requirements are sourced from India. From April 2022-September 2022, exports of Drugs & Pharmaceuticals stood at US$ 12.72 billion and exports of Medicinal and Pharmaceutical products stood at US$ 4,066.86 million.

In February 2023, India exported US$ 2.05 billion worth of drugs and pharmaceuticals, a 4.72% increase from US$ 1.96 billion in February 2022. USA, UK, South Africa, Russia, and Nigeria are India’s top five export destinations. India played a key role during the Covid-19 pandemic and demonstrated its ability to be a consistent and reliable pharma supplier to the world even during time of crisis.

India alone provides 80% HIV drugs of the world, 70% Vaccine of the world, 20% medicine of the world. India still provides 50%-100% more affordable medicine to the world in comparison with developed countries. India is the only country in the world that posses more than 858 USFDA approved plants.

Indian pharma export will grow faster in America and Middle East region. Middle East was untapped market since long and now they are coming closure to India especially for pharmaceutical supply.

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