India Pharma exports increased by 8% to USD 6.26 billion in Q1

1 Aug 2022 , 08:16 AM

By the conclusion of FY23, a 10% growth is anticipated, according to the report. According to PTI, which cited Udaya Bhaskar, Director General of the Pharmaceuticals Export Promotion Council of India, the pharmaceutical exports to the European Union and other CIS nations that were affected by the ongoing war in Ukraine and restrictions are expected to improve once the situation returns to normal (Pharmexcil).

“We had an 8% increase in exports during the first quarter. Since 30% of our exports travel to the US, we anticipate a growth of 3.6% in the first quarter,” said he.

With a 146% increase in exports from April to June 2022 compared to the same period in 2013, Union Minister Mansukh Mandaviya recently stated that “Made in India” pharmaceutical product exports are continuing to reach record highs.

The source added that Covid-19 vaccine shipments, which currently total 239 million doses to more than 100 nations, are on the rise. In response to a question regarding the present conflict between Russia and Ukraine, he remarked that the former is significant to India and ranks sixth in terms of pharmaceutical exports.

According to him, about 60% of all exports to CIS nations go to Russia, and as a result of the war, those numbers are declining. He also added that exports to Europe have also been hampered. He predicted that India might export an additional USD 1 billion if the circumstances improved.

He stated that over 110 Indian enterprises as well as Evgeny Griva, Deputy Trade Commissioner of Russian Federation-India, Uday Bhaskar, high-level government representatives, and top Russian pharmaceutical organizations took part in the webinar.