NEW DELHI, Apr 23: The country’s pharmaceutical exports rose by 11 per cent to USD 19.2 billion in 2018-19, mainly driven by higher demand in regions such as North America and Europe, as per a commerce ministry data.
The pharma exports in 2017-18 stood at USD 17.3 billion and USD 16.7 billion in the previous fiscal.
North America constitutes about 30 per cent of Indian pharma exports, followed by Africa and the European Union with 19 per cent and 16 per cent share, respectively, according to the data.
According to industry experts, Chinese market is also gradually opening up and the government is working to push India’s exports there as it holds huge potential.
The other important destinations include South Africa, Russia, Nigeria, Brazil and Germany, where exports are registering growth.
The sector accounted for about 6 per cent of the country’s total exports of USD 331 billion in 2018-19.
It is one of the top five sectors in the exports segment.
Generic drugs form the largest segment of the Indian pharmaceutical sector, with 75 per cent market share (in terms of revenues).
India supplies 20 per cent of global generic medicines in terms of volume, making the country the largest provider of generic medicines globally.
Over 55 per cent of the country’s exports go to highly regulated markets.
Higher growth in outbound shipments helps create employment opportunities, earn foreign exchange and boost economic activities. (PTI)