Indian pharma exports likely to touch $28 bn this fiscal: Pharmexcil

New Delhi, June 21 (KNN) The pharma exports from India is expected to touch USD 28 billion in the current fiscal against USD 25.39 billion in FY 23, Udaya Bhaskar, Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil) said on Tuesday.

Speaking to the media, Bhaskar said during the current fiscal the exports cloaked over 10 per cent and 0.7 per cent growth in April and may respectively.

"In FY 23 we exported USD 25.39 billion worth of pharma goods with 3.25 per cent growth. When most commodities are not doing so well, India pharma made this and achieved this despite so many headwinds and global challenges," he said.
Bhaskar pointed out that the Indian Pharma exports can touch the expected target this fiscal as the US market which has over 31 per cent share in overall exports last year has stabilised and it is positive sign indicating continuous growth.

He added that the exports from Commonwealth of Independent States (Russia and others) was down by 8.42 per cent to USD 1.15 billion due to disturbances in some countries.

Replying to a question, he said the US Food and Drug Administration official’s inspection on Indian manufacturing sites have not picked up and is yet to reach the pre-covid levels. The Ministry of Commerce is aware of the situation and is taking up the issue with the USA.  (KNN Bureau)