“Indian pharma companies enabled by their price competitiveness and good quality, have made a global mark, with 60 per cent of the world’s vaccines and 20 per cent of generic medicines coming from India,” the 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 USD 50 billion.
The share of pharmaceuticals and drugs in the global exports is 5.92 per cent.
Formulations and biologicals continue to account for a major share of 73.31 per cent 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.
“Even in the year, 2020-21, Indian drugs and pharmaceuticals had registered a sharp growth amid the COVID despair, achieving an export of USD 24.4 billion with a YoY growth of 18 per cent,” it said.