Business EconomyPosted at: Jun 27 2024 7:33PM


Indian pharma Exports to reach 55 Bn USD by 2030 : Pharmexcil DG

Hyderabad, June 27 (UNI) Localization is a major challenge to the Pharma industry in the country, Pharmexcil Director General Udaya Bhaskar on Thursday said the Indian pharma exports are projected to reach 55 billion USD by 2030.
In the last 6 years, pharma exports have grown from 17.3 billion ( 2017-18) to 27.85 billion (2023-24) with a CAGR of 8.25 percent, Bhaskar said during the interaction with the media on ‘ Indian Pharma Export and Futuristic Opportunities and Challenges’ here.
According to a recent EY FICCI report, as there has been a growing consensus over providing new innovative therapies to patients, the Indian pharmaceutical market is estimated to touch USD 130 billion in value by the end of 2030, he said.
The global pharmaceutical market, was valued at USD 1,493 billion in 2023 and out of the global generic market of 482 billion in 2023, the Indian pharma contribution was 53 billion, he informed.
Indian Pharma would face major challenges due to increasing Geo-political issues; self-reliance measures and localizations of pharma manufacturing by developed countries as well as developing nations, he pointed out and said that the industry also has pricing pressures besides increasing scrutiny by global regulatory agencies.
In FY 2023-24, Indian pharma exports reached 27.85 billion US dollars (9.66 percent growth against previous year exports) against the government target of over 28 billion US dollars, however, this year, the government set a target of 29 billion US dollars pharma exports, he informed.
Though India’s imports during the period of April-Mar FY24 have increased marginally by 1.98 percent (from 8.10 billion US dollars in FY23 to 8.26 billion in US dollars in FY24) , it is still lower than that of FY22 (9.07 billion US dollars), he said
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