India’s pharmaceutical exports have registered growth of 11 percent to $19.2 billion in 2018-19. The increment has been attributed to huge demand in regions such as North America and Europe, as per a commerce ministry data.
The pharma exports in 2017-18 stood at $17.3 billion and $16.7 billion in the previous fiscal.
As per the data, North America imports maximum of Indian pharma products (30 per cent) followed by Africa and the European Union with 19 per cent and 16 per cent share, respectively.
According to industry experts, Chinese market is also gradually opening up and the government is working to push India’s exports there as it holds huge potential.
The other important destinations include South Africa, Russia, Nigeria, Brazil and Germany, where exports are registering growth.
Generic drugs form the largest segment of the Indian pharmaceutical sector, with 75 per cent market share (in terms of revenues).
India supplies 20 per cent of global generic medicines in terms of volume, making the country the largest provider of generic medicines globally.