India’s pharma exports grew by 103 percent to Rs 1,83,422 crore since 2013-14, the commerce ministry said on Sunday, adding that 2021-22 had been the best export performance ever.

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“It is a remarkable growth with exports growing by almost $10 billion in 8 years,” the statement said. The exports in 2021-22 sustained a positive growth despite the global trade disruptions and drop in demand for COVID related medicines, it added.

Union Minister Piyush Goyal, in a tweet, highlighted that India has been serving as the 'pharmacy of the world'.

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"Indian pharma companies enabled by their price competitiveness and good quality, have made a global mark, with 60 percent of the world's vaccines and 20 percent of generic medicines coming from India," the commerce ministry said.

India ranks third worldwide for production in terms of volume and 14th by value. The current market size of the domestic pharmaceutical industry is around $50 billion. The share of pharmaceuticals and drugs in global exports is 5.92 percent.

Formulations and biologicals continue to account for a major share of 73.31 percent of the country's total exports, followed by bulk drugs and drug intermediates, according to the ministry. India's top five pharma export destinations are the US, UK, South Africa, Russia and Nigeria.

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"Even in the financial year 2020-21, Indian drugs and pharmaceuticals had registered a sharp growth amid the COVID despair, achieving an export of $24.4 billion with a year-on-year growth of 18 percent," it said.

With inputs from PTI

(Edited by : Priyanka Deshpande)

First Published:May 1, 2022 1:25 PM IST