Amid recession talks, Indian pharma exports have reported a 8% spike during the first quarter of the current financial year to $6.26 billion. The sector growth is likely to rise further to breach the 10% growth target by the end of the fiscal.
According to Udaya Bhaskar, Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil), pharma exports to European Union and other CIS countries which were hit by the ongoing war in Ukraine and restrictions are expected to improve once the situation becomes normal.
“In the first quarter, our exports recorded 8 per cent growth. We are positive of a growth of 3.6 per cent to the US in the first quarter, where 30 per cent of our exports go,” Bhaskar said adding, “I am optimistic that our exports to EU and CIS (Commonwealth of Independent States) will improve once the situation of Russia-Ukraine war settles. Our exports may be around $27 in FY 22-23.”
Meanwhile, India clocked $24.61 billion worth of pharma exports in FY22, registering one per cent growth over FY21. The exports of ‘Made in India' pharmaceutical products continue to touch new heights with 146 per cent increase in exports in April-June 2022 over the same period in 2013, Union Minister Mansukh Mandaviya had said recently.
Further, the official said Covid-19 vaccine exports stood at 239 million doses to over 100 countries and they continue to grow. Replying to a query on the ongoing Russia-Ukraine war, he said the former is an important country for India and occupies fifth position in terms of pharma exports.
Nearly 60 per cent of the overall exports to CIS countries go to Russia and with the war figures are dwindling, he further said adding due exports to Europe also have also been impacted.