Pharmaceutical exports hit Rs 1,83,422 crore in 2021-22 from Rs 90,415 crore in 2013-14, the Ministry of Commerce said on Sunday.
Exports in 2021-22 maintained positive growth despite global trade disruptions and lower demand for COVID-related drugs, he added.
“Indian pharmaceutical companies, with their competitive pricing and good quality, have made a global mark, with 60 percent of global vaccines and 20 percent of generic drugs coming from India,” the ministry said.
India ranks third in the world for production in terms of volume and 14th in value.
The current market size of the domestic pharmaceutical industry is approximately $50 billion.
The share of pharmaceuticals and medicines in world exports is 5.92%.
Formulations and biologics continue to account for a large share of 73.31 percent of the country’s total exports, followed by bulk drugs and drug intermediates, according to the ministry.
The top five destinations for India’s pharmaceutical exports are the United States, United Kingdom, South Africa, Russia and Nigeria.
“Even in the year 2020-21, Indian medicines and pharmaceuticals had witnessed strong growth amid the despair of Covid-19, achieving an export of $24.4 billion with an annual growth of 18%” , did he declare.