Pharma exports increased 18% to $ 24.44 billion

 Foreign companies looking to India for active pharmaceutical ingredients

India's pharma exports grew by 18% to $ 24.44 billion in the last financial year. In FY20, the country's pharma exports stood at $ 20.58 billion, according to a list by the Pharmaceuticals Export Promotion Council of India.

In the last month of last financial year, exports grew by 48.50% year-on-year to 2.30 billion. In March 2020, the pharma export figure stood at $ 1.54 billion.

Exports were affected by the March 2020 lockdown in many countries around the world. The generics manufactured in India are in demand in the world market due to their quality and cheap price. Apart from this, India's drug formulations and biologicals are also in high demand abroad.

The Council also expects an increase in vaccine exports from India in the coming years. The Production Linked Incentive Scheme will reduce the import dependence of domestic producers and increase export potential. Most countries are looking to India for their active pharmaceutical ingredients requirement. 34% of the country's pharma exports reside in North America.