India's Pharmaceutical Exports To USA Increase 15% in 11 months of FY24

India Pharma Outlook Team | Monday, 15 April 2024

 pharmaceutical exports, Drug Applications, India Pharma Outlook

India's pharmaceutical exports to the USA increased by 15% in the first 11 months of the last monetary year despite administrative difficulties and rising estimating pressures. The speed of exports has dramatically increased from the 6.18% development in FY23, as per estimates by the Pharmaceutical Export Promotion Council (Pharmexcil).

Exports to the USA jumped to $7.83 billion during the April-February period from $6.8 billion in a similar period in FY23. India's overall pharmaceutical exports hiked  9.34% to $25.04 billion from $22.9 billion during the period under audit. The U.S. contributes around 30% of India's total pharmaceutical exports.

R Uday Bhaskar, director general of Pharmexcil, added after a negative development in 2022, the development in U.S. exports is uplifting news for the pharma industry.

"Till FY16, India's exports were always growing at more than twice the rate as we were getting faster approvals of Abbreviated New Drug Applications ... However, later USFDA not only slowed down its approval rate but even the U.S. local market was also sluggish," he said.

India is the world's biggest supplier of generic medications, and in the monetary year 2024, the nation exported drugs worth around 16 billion U.S. dollars. Regarding volume, Indian medications involved 20% of the worldwide nonexclusive medication trades, of which North America had the biggest share.