Pharmaceutical exports have registered a 3.25 per cent growth in FY23 at $25.3 billion. In 2021-22, the exports growth was almost flat at 0.71 per cent at $24.62 billion.

“In view of the challenges faced by the industry in the form of the Ukraine crisis and slowdown in the growth of global generics space, I think this is a reasonably good performance in exports,” said R Uday Bhaskar, Director-General, Pharmaceuticals Export Promotion Council (Pharmexcil). A chunk of exports went to the US, Canada and Mexico (NAFTA) followed by Europe. Africa was in the third position, as per the data.

Also read: Pharma exports up 3.14% at 22.9 bn in April-Feb of FY23

Imports down

According to data by the Pharmexcil, pharma imports decreased 10.5 per cent last fiscal to $8 billion, compared with a little over $9 billion in FY22. 

The increase in the production of APIs by domestic players is one of the reasons for the decrease in imports, said Bhaskar. The trend may continue as some production — as part of the Production Linked Incentive (PLI) Scheme— is expected to commence under Aatmanirbhar Bharat initiatives.

There could be some shifts in the basket of products, too, going forward. “The Indian pharma industry is making serious efforts towards a shift from volume-based products to value-based products. New segments like biosimilars are also catching up which will augur well for exports,” said the director of a Hyderabad-based pharma company.

Also read: Pharma industry braces for tighter manufacturing-linked norms

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