Between April to October noteworthy rise in the export of Pharma has been reported. According to the senior officials of the export promotion body under the Government of India, the increase has reached 4.22 per cent with a value of a significant 14.57 billion USD.
Pharmexil (Pharmaceuticals Export Promotion Council of India), the renowned organization under the Ministry of Commerce has reported that the Govt is hopeful regarding the rise which is assumed to reach 27 billion USD by the end of the current financial year. Udaya Bhaskar, the DG (Director General) of Pharmexil has confirmed that its assumed number is achievable and as compared to the last financial year this export amount will be a significant leap from 24.62 billion USD to 27 billion USD in merely one financial year.
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According to the reports in both July and August months, the sale performance dropped up to minus 5.45 per cent, however, September has shown a notable positive growth of 8.47 per cent. According to the report by Mr Bhaskar to PTI, they are optimistic that in the coming months the growth will be on the positive side, and it is assumed that the sale might reach 27 billion USD by the end of the fiscal. As compared to the last year’s export during this same period, the amount of 13.98 USD billion has reached 14.57 billion USD, confirmed by the officials.
Although the total pharmaceutical export has increased this year, the category of vaccine export is lagging as compared to the previous records. The war between Ukraine and Russia also impacted the businesses to some extent, still this positive outcome is a bit unexpected yet highly impressive said Mr Bhaskar.
The calculations highlight that 67.5 per cent of the total export which is nearly 5 billion USD is for the NAFTA countries (USA, Canada and Mexico), African continents and Europe. The graph is not steady during the entire year, similar to July and August the export dropped nearly by 5.45 per cent in October where the amount of export was merely 1.95 billion. According to Mr Bhaskar, the currency dollar has been strengthened whereas some currency values have dropped which can be a possible explanation for the decline of export in October along with the sanctions that have resulted from Russia-Ukraine. As an example, Nigeria is one of the biggest markets for pharma exports to India, the depreciation of “Naira”, the currency of Nigeria as compared to the US dollar has impacted the country’s imports that further impacted the decline of Indian export
month of October.
Mansukh Mandaviya, the union Health minister has recently tweeted praising this rise and said “India has emerged as a global pharma powerhouse under the Prime Minister Narendra Modi’s rule”
As per the statistics, the growth of export of Pharma production is nearly Rs. 38000 crores in the same period in the year 2013, which shows a drastic incline of 137.7 per cent, the ministry confirmed by tagging an infographic.
