Pharmaceutical Export Market in India 2021

Pharmaceutical Export Market in India 2021

Market insights:
The pharmaceutical industry has witnessed rapid growth in the past few decades and is expected to develop further, owing to huge export possibilities. The business caters to 50% of the global demand of various vaccines, 40% of generic medicines demand in the US, and 25% of all medication in the UK. Pharmaceutical exports rose by 24.48% between FY 2020 and FY 2021 to reach INR 1,437.38 Bn in FY 2021. This was despite the global industry reduced by almost 2% in 2020 on account of COVID-19. As of 2021, nearly all medicines made domestically were low-cost generic drugs that comprise most of pharmaceutical export of the country.

Impact of COVID-19:
The onslaught of COVID-19 and the nationwide lockdown severely impacted the healthcare and pharmaceutical infrastructure, and the country’s economy. Travel restrictions, shortage of workforce, disruption in world trade, and bottleneck in logistics impacted the supply chain of pharmaceutical products. During the second wave, key market players took major steps as per regulatory guidelines with smart solutions to tackle the supply-demand gap. As of 2021, India shipped over INR 1,349 Bn worth drugs to over 200 nations, ranging from the highly regulated markets in North America and Europe to countries with small pharmaceutical markets.

Competitive insights:
Major players such as Sun Pharmaceuticals Industries Limited, Aurobindo Pharma Limited, Lupin Limited, and Dr. Reddy’s Laboratories Limited have made huge strides in their net revenue. This is because of government initiatives that propelled export possibilities.