India’s pharmaceutical exports defied the trend of a decline in overall exports during the 2023-24 fiscal year. According to the commerce ministry, the country’s drugs and pharmaceuticals exports witnessed a robust growth of 9.67% year-on-year, reaching a total value of USD 27.9 billion.
This positive performance in pharma exports stands in contrast to the dip in India’s overall exports during the same period. The article attributes this disparity to unspecified factors that caused a 3% decrease in total exports.
The strong showing of the pharmaceutical sector is further emphasized by growth in March 2024. Pharmaceutical exports in that month alone reached USD 2.8 billion, reflecting a significant 12.73% increase compared to March 2023. This trend suggests a promising future for Indian pharmaceuticals in the global market.
Source: Logistics Insider