16 Aug 2024
With an increase in shipments for retail sales, India’s pharma export share elevated to 13.1% in 2023 from 10.08% in 2022.
With the government’s focus on boosting domestic pharmaceutical production, Indian exports to the US have constantly risen. Recent Commerce Ministry data shows that India was the third largest exporter of medicines meant for retail sale in the US, just behind Ireland and Switzerland.
For pharma for retail sales in the US, India exported medicines worth $9 billion in 2023 compared with $7.3 billion in 2022, thus increasing its share from 10.8% to 13.1% in 2023. Between 2022 and 2023, Ireland’s export share to the US dropped from 17.18% to 13.85% and Switzerland’s from 17.4% to 13.7%.
Besides the US, India improved its share of antibiotics exports to Italy from 0.96% in 2022 to 2.12% in 2023 and ranked tenth. It exported antibiotics worth $23.34 million in 2023, up from $11.48 million in 2022.
India exported Magnetic Resonance Imaging (MRI) machines worth over $13 million to Germany and ranks sixth.