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India records highest pharma export growth during pandemic as exports touch over $24.4 bn in FY 2021

India records highest pharma export growth during pandemic as exports touch over $24.4 bn in FY 2021

Pharma Industrial India

2021-11-30

Small Intro: During the pandemic period (FY-21), India’s pharma exports crossed $24.4 billion which is the highest growth of 18.4 per cent ever recorded over nine years period in the country.

Ravi Uday Bhaskar, director general of Pharmaceuticals Export Promotion Council of India (Pharmexcil) said that during the pandemic period the main reason for India’s rapid export is because many developed countries could not cope with the high demand of products used in Covid management.  India fortunately could gear up and meet the most of the requirements. While the generic medicine market in 2020 calendar year grew just 3 per cent, India’s exports of generics grew to a whopping 19.53 per cent during FY-21.

As per the data available with Pharmexcil, products for the treatment of Covid have grown very well and had contributed to this high growth. Some of these products have grown even over 200 per cent and mostly used paracetamol combinations grew by over 45 per cent.

Besides this, demand of Covid related treatment medicines, it is also to be noted that there was substantial increase in raw materials of the products employed in controlling Covid. products like remdesivir also helped substantially besides export of Covid vaccine.

Apart from Covid pandemic driven export growth, the efforts of Pharmexcil to promote India’s pharmaceutical exports across the globe also paid fruits. The council has been continuously working with department of commerce and Indian missions to increase pharma exports.

Referring to various challenges and issues faced by the pharma industry in the country Uday Bhaskar said that the council will continue to work closely with stake holders in finding ways and means to overcome bottlenecks with an objective to increase exports.

During Covid pandemic the most important challenge was running pharma companies with full capacity. As pharma units ran at decreased capacity, and factories became underutilised after millions workers walked back home, with government’s support the industry quickly recouped and the managed to work in full capacities with all Covid protocols.

Articles about articles | November - 30 - 2021

 

 

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