As the world’s pharmacy, India had a 138% growth in pharmaceutical exports from April through October 2022u201323 compared to the same time in 2013u201314.Since April through October of 2013u201314, India’s pharmaceutical exports have increased by 138%, rising from Rs 37,987.68 crores in 2013u201314 to Rs 90,324.23 crores in 2021u201322.
Mansukh Mandaviya, the Union Health Minister, claimed in a tweet with an infographic depicting India’s pharmaceutical exports over the years that the country is leading the globe in medical exports. India is Recovering Under the visionary leadership of PM Narendra Modi Ji, India’s export of pharmaceutical products saw a phenomenal increase of 138% in Aprilu2013October 2022 over the same period in 2013 and is now a Global Pharma Powerhouse! In a tweet, Mandaviya stated.While addressing the Davos Summit in January, Prime Minister Narendra Modi claimed that India, the third-largest pharmaceutical producer in the world, was now a pharmacy for the entire world. He also claimed that India had saved millions of lives during the Covid-19 pandemic by providing vaccines and necessary medications to many nations as part of the One Earth One Health vision.In this time of Corona, we have seen how India following the vision of ‘One Earth, One Health’ is saving crores of lives by giving essential medicines, and vaccines to many countries, PM Modi had said while delivering the ‘state of the world’ address virtually at the World Economic Forum’s Davos Agenda. Building on the exceptional results in the preceding fiscal year (FY) 2020u201321, Indian pharmaceutical exports once more experienced strong growth in 2021u201322. Despite the disruptions to global trade and the decline in demand for COVID-related medications, the pharmaceutical exports had positive growth in 2021u20132022. 60 percent of the world’s vaccinations and 20 percent of generic medications came from India in May, thanks to Indian pharmaceutical companies’ competitive pricing and high quality.
In May, pharmaceuticals and drugs made up 5.92 percent of our total exports. Indian pharmaceutical firms control a large portion of the US and EU prescription market. India has the most FDA-approved plants outside of the US. Even in 2020u201321, Indian pharmaceuticals and drugs saw a high increase despite the COVID crisis, exporting $24.4 billion with a YoY gain of 18%.By overcoming the regular lockdowns, global supply chain interruptions, and the weak manufacturing sector, the unprecedented export increase in 2020u201321 was made possible. The Indian pharmaceutical industry was crucial in the fight against the COVID pandemic and in showing the rest of the world that we are still a trustworthy and dependable partner in times of international health crises. In the shortest amount of time, and on par with highly developed nations like the US and the EU, the Indian vaccine industry developed Covid vaccine using indigenous technology in collaboration with Indian research institutions like the Indian Council of Medical Research (ICMR) and the National Institute of Virology (NIV). Over 97 countries received 115 million vaccination doses from India.
India has also negotiated cooperation agreements with the UAE and Australia as part of the trade deals, enhancing Indian pharmaceutical products’ access to these markets.
Why is India’s pharmaceutical sector so lucrative?
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