Booming Pharma Exports Make India Third-Largest Supplier Of Medicines To U.S.

ENA Sectors 2024-08-16 16:16:32 New Delhi, Aug 16 (KNN) India's pharmaceutical industry has made significant strides in the global market, particularly in the United States, as the country's focus on domestic manufacturing bears fruit. Recent data from the commerce ministry reveals that India has solidified its position as the third-largest source of imported medicines for retail sale in the U.S., behind only Ireland and Switzerland. In 2023, India's exports of these medicines to the U.S. reached USD 9 billion, up from USD 7.33 billion in 2022. This surge increased India's market share from 10.08 per cent to 13.1 per cent year-over-year. Simultaneously, market leaders Ireland and Switzerland saw their shares decline. Ireland's share dropped from 17.18 per cent to 13.85 per cent, with exports falling from USD 12.5 billion to USD 9.5 billion. Switzerland's share also decreased from 17.4 per cent to 13.7 per cent. The Indian pharmaceutical sector has made inroads in other markets as well. In Italy, India climbed to the 10th position among antibiotic exporters, more than doubling its market share from 0.96 per cent in 2022 to 2.12 per cent in 2023. Additionally, India ranks sixth globally in the export of medical apparatus, in a market led by the United Kingdom with USD 460 million in exports. A government official, speaking on condition of anonymity, noted the importance of establishing a foothold in the European Union market. These developments reflect our efforts to monitor various markets and commodities to identify growth opportunities, the official stated. The pharmaceutical and medical devices sectors have been prioritised by the Indian government, as evidenced by their inclusion in the Production Linked Incentive (PLI) scheme. This initiative aims to boost domestic manufacturing and enhance India's competitiveness in the global market. As India continues to strengthen its position in the international pharmaceutical trade, industry observers will be watching closely to see if this upward trend can be sustained in the face of global competition and evolving market dynamics. (KNN Bureau) 38983 https://knnindia.co.in/news/newsdetails/sectors/booming-pharma-exports-make-india-third-largest-supplier-of-medicines-to-us 2024-08-16 16:16:32 knnindia.co.in Booming Pharma Exports Make India Third-Largest Supplier Of Medicines To U.S.