Pharma Exports Poised to Grow in Future

The growth in medical drugs to provide patient care for different types of diseases has increased the export of pharmaceutical products in the world. According to available reports, the pharma exports from India have made their mark in the global generic market by always supplying quality products for the last 5-6 decades. As per the data, it has been observed that the share of pharma drugs was recorded at 5.92% in 2022 and the country even has the potential to become a big exporter with adequate government support. Also, with the rising export share, the pharma industry is set to grow by a staggering 11% in the next two years to reach the size of over 60 billion dollars. 

Which factors will drive the growth of the pharma industry?

According to the data available from the pharma companies in Mumbai, certain factors have been an instrumental role in maximizing pharma exports. These include:

  • Adoption of various strategies to manufacture pharma raw materials within the country and reduce dependency on China 
  • Ability to leverage the opportunity available for pharmaceutical manufacturers in Mumbai and other places in the nation due to expiry dates across the globe 
  • The nation has a great history of having solid fundamentals in the pharmaceutical industry 
  • The steps are taken to ebbing various regulatory risks in the pharmaceutical industry 
  • There has been a substantial increase in PE investments in the pharmaceutical sector 

Why Indian pharmaceutical industry has a solid chance of growth?

Indian pharmaceutical manufacturers are ranked third worldwide for the volume of their production of medical products. As per the pharma companies in Mumbai, the manufacturers have enabled good quality medicines which have made the global mark and assisted to increase the global exports to 5.92%. As per the available information, the top 5 destinations for pharma exports are South Africa, Russia, the UK, USA and Nigeria. As per the pharma manufacturers, 55% of the medical drug exports are catered to highly regulated markets. 

In the Covid-19 pandemic phase, the Indian pharmaceutical industry has witnessed sharp growth. As per the available reports, in the year 2020-21, the pharma manufacturers registered a high growth of 24.4 billion dollars with a yearly rise of nearly 18 per cent. According to information from the subject experts, the country was successful in developing effective Covid vaccines using indigenous technology in collaboration with famous institutes, NIV and ICMR. Furthermore, as per the reports, the Indian pharmaceutics department has also signed trade agreements with Australia and UAE which is bound to expand the products in these markets, thereby increasing the exports in the upcoming days. 

Always use effective medical drugs!

According to available information from trusted sources, nearly 60% of vaccines and 20% of generic medicines are manufactured in IndiaCiron Drugs is a globally recognized pharmaceutical formulation manufacturer which has exported its drugs to more than 150 satisfied customers in almost 50 countries across the world. Our wide basket of therapeutic products has a strong backup of a technically qualified R&D team to cater for the market requirements. If you want to have the best quality pharmaceutical products in India, reach out to us 

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