Pharma exports FY 2021: Indian made generics see HUGE demand; grows by 18 percent to $24.44 bn
Amid Covid 19 pandemic, Indian pharma sector has stood out. It has grown exponentially in Financial Year 2021. Market Experts are also bullish as far as prospects of Indian Pharma industry is concerned.
Amid Covid 19 pandemic, Indian pharma sector has stood out. It has grown exponentially in Financial Year 2021. Market Experts are also bullish as far as prospects of Indian Pharma industry is concerned. Not just domestically, but Indian Pharma sector exports have also seen massive uptick. Pharma exports from India Witnessed over 18 per cent growth to USD 24.44 billion during the last financial year against USD 20.58 billion in FY20, Pharmaceuticals Export Promotion Council of India (Pharmexcil) said on Saturday.
"We have observed a big leap in our exports in the month of March 2021 which is USD 2.3 billion (figures for March are provisional) and is highest among the exports of all the months of this financial year, the growth rate for this month is 48.5 per cent against the exports in March 2020 (USD 1.54 billion)," PTI quoted Udaya Bhaskar, Director General of Pharmexcilsaying this.
See Zee Business Live TV Streaming Below:
Growth rate seems relatively big as the exports of March 2020 was crunched due to lockdown across the world and supply chain disruption, he was quoted as saying.
When the global pharma market is negatively grown by 1-2 per cent in 2020, there is a big surge in demand for Indian made generics owing to its quality and affordability, the official said adding Drug formulations and Biologicals is the second largest Principal commodity being exported by India.
The Pharma exports body is expecting big growth in Indian vaccine exports in the coming years and the government policy on PLI (production Linked Incentive) scheme will also help the domestic pharma to grow by reducing import dependence and develop export potential in the days to come as most of the countries are looking at India for APIs (active pharmaceutical ingredient) he said.
North America is the largest exporting region for Indian pharmaceuticals with more than 34 per cent share.
Country wise exports to the US, Canada and Mexico have recorded a growth of 12.6, 30 and 21.4 per cent respectively.
South Africa being the second largest exporting country, recorded a big jump of 28 per cent growth while Europe was the third largest exporting region which has recorded approximately 11 per cent growth over previous year.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
04:58 PM IST