Pharma exports set to touch $28 bn in FY24
India exported $25.39-bn worth of pharma goods with 3.25% growth in FY 23, says Pharmexcil Director General Udaya Bhaskar
Udaya Bhaskar, Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil)
Hyderabad Indian pharma exports may touch $28 billion during the current fiscal against $25.39 billion in FY 23, Udaya Bhaskar, Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil), a body under the Department of Commerce said on Tuesday.
Speaking to reporters here he said during the current fiscal the exports cloaked over 10 per cent and 0.7 per cent growth in April and may respectively. “In FY 23 we exported $25.39 billion worth of pharma goods with 3.25 per cent growth. When most commodities are not doing so well, India pharma made this and achieved this despite so many headwinds and global challenges,” Bhaskar said replying to a query. “I am ambitious that we may touch around $28 billion in FY 24. That is my expectation,” he further said. Justifying the target the official said the US market which has over 31 per cent share in overall exports last year has stabilised and it is positive sign indicating continuous growth.
The exports from Commonwealth of Independent States (Russia and others) was down by 8.42 per cent to $1.15 billion due to disturbances in some countries, he said. To another query, he said the US Food and Drug Administration (FDA) officials inspection on Indian manufacturing sites have not picked up and is yet to reach the pre-Covid levels. He said the Ministry of Commerce is aware of the situation and is taking up the issue with the USA.
