‘Pharma exports expected to touch $28 bn in FY24’

Indian pharma exports may touch $28 billion during the current fiscal against $25.39 billion in FY23, Udaya Bhaskar, Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil), a body under the Department of Commerce said on Tuesday.

Indian pharma exports may touch $28 billion during the current fiscal against $25.39 billion in FY23, Udaya Bhaskar, Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil), a body under the Department of Commerce said on Tuesday.

Speaking to reporters here he said during the current fiscal the exports clocked more than 10% and 0.7% growth in April and may respectively.

“In FY23 we exported $25.39 billion worth of pharma goods with 3.25% growth. When most commodities are not doing so well, India pharma made this and achieved this despite so many headwinds and global challenges,” Mr. Bhaskar said replying to a query.

“I am ambitious that we may touch around $28 billion in FY24. That is my expectation,” he further said.

Justifying the target the official said the U.S. market which has over 31% share in over all exports last year has stabilised and it is positive sign indicating continuous growth.

The exports from Commonwealth of Independent States (Russia and others) was down by 8.42% to $1.15 billion due to disturbances in some countries, he said.

To another query, he said the U.S. Food and Drug Administration officials inspection on Indian manufacturing sites had not picked up and was yet to reach the pre-COVID levels.