India's export of pharmaceutical products increases by 146%

India's export of pharmaceutical products has increased by 146 percent in April to July this year over the same period in 2013-14. Health Minister Dr. Mansukh Mandaviya said, in 2013-14 the export was of 20 thousand 596 crore rupees which has increased to over 50 thousand crore rupees in April to July this year. He said, the exports of Made in India pharmaceutical products scaling new heights. The Minister said, India is providing a strong healing hand to the world. The global trust earned by the Indian healthcare sector has led to the nation being called the pharmacy of the world.

India is providing a strong healing hand to the world

The exports of Made in India pharmaceutical products scaling new heights!

Huge increase of 146% in pharmaceutical products exports in April-July 2022-23 over the same period in 2013-14. pic.twitter.com/raLn2K0fFE

— Dr Mansukh Mandaviya (@mansukhmandviya) August 27, 2022

India’s booming pharmaceuticals industry is not only a great source of innovation and employment generation, but it has also become a global healthcare provider in need.Cumulative exports in June 2022-23 rose by 22.22 per cent to $116.77 billion whereas imports went up 47.31 per cent to $187.02 billion during the same period. Trade deficit during the first three months of the ongoing fiscal stood at $70.25 billion. 

Meanwhile, India’s merchandise exports rose by 16.78 per cent on-year in June to $37.94 billion whereas trade deficit reached $25.63 billion due to rise in gold and crude oil imports, as per the government’s data on Monday. Growth in exports moderated from 20.55 per cent in May and 48.34 per cent in June 2021. Exports of engineering, pharmaceutical and plastic products, however, recorded a negative growth during the period.  India ranks third for production by volume and 14th for production by value globally. Market size of the pharmaceutical industry is around $50 billion.