India's drug exports rose by 10% to $27.9 billion, aided by rising demand in the US and the UK, among other nations

Export of medicines from the country increased by 9.67 percent on an annual basis to reach $ 27.9 billion in 2023-24. During 2022-23, this figure was $25.4 billion. According to Commerce Ministry data, medicines worth $2.8 billion were exported from India in March. This is 12.73 percent more than in March 2023. On average, India exports pharmaceutical products worth two to three billion dollars every month. Growing opportunities and demand in countries like the US are helping exports register growth on a monthly basis, an industry expert said. The government has launched two Production Linked Incentive (PLI) schemes to promote domestic manufacturing of key pharmaceutical ingredients and generic drugs.

The pharmaceutical industry in the United States could reach over $130 billion in revenue by 2030. Expanding market opportunities and rising demand overseas will enable us to meet this goal. Throughout 2023–24, India exported the greatest quantity of pharmaceuticals to the United States, the United Kingdom, the Netherlands, South Africa, and Brazil. With over 31 percent of the market, America had the largest share. Approximately 3% of all drug exports came from the United Kingdom and the Netherlands. The previous fiscal year offered India the chance to enter several new markets. Comoros, Brunei, Latvia, Ireland, Sweden, South Sudan, Chad, Haiti, and Ethiopia are some of these markets.

Bilateral trade between India and the United Arab Emirates (UAE) has seen a 15 percent increase since the implementation of the Free Trade Agreement (FTA) in May 2022. Non-oil trade between the two countries is expected to cross the target of $100 billion by 2030, Comprehensive Economic Partnership Agreement (CEPA) Council Director Ahmed Aljanebi said on Wednesday. The UAE is India's second-largest export destination, third-largest trading partner and fourth-largest investor.