Pharma exports achieve 15% growth, will hit $25 bn mark

HYDERABAD: Standing apart from all other sectors during Covid-19, pharma exports in India witnessed 15.3% so far in the financial year 2020-21 so far. According to the Pharmaceuticals Export Council of India (Pharmexcil), pharma exports are expected to touch $25 billion mark. Pharma exports recorded growth of 11.5% in November.
Pharmexcil director general R Uday Bhaskar told TOI that more than 70% of exports are generic formulations.
R Uday Bhaskar said, “Pharma exports are doing well this financial year till November, and the same trend will continue. It is expected to do well in the next few months till March. For November, the quick estimate is around $1,989 million. The growth in November is 11.5%. So far this year, exports are around $15,868 million with a growth of 15.37%. By the end of the financial year, it will touch $25 billion.”
Pharma exports in financial year 2019-20 were $20.5 billion. Uday Bhaskar said, “More than 70%-75% of our exports are generic formulations other than APIs and vaccines. if we touch $25 billion in FY ‘21, we may touch $28 billion by FY22.”
Regarding vaccines, he said, “We are capable of producing high volume of vaccines. Almost all the Indian vaccine manufacturers are tied up with overseas manufacturers/institutions in the development of Covid-19 vaccines.”
Drug formulations and biologicals contribute 76% exports followed by 16% by bulk drugs and drug intermediates. Vaccines compromise 3% of exports.