India’s Pharma Exports Gaining Ground in US and Italy

India’s pharmaceutical industry is making significant strides in the global market, with notable gains in the US and Italian markets. According to data from the commerce ministry, India has emerged as the third-largest exporter of medicines to the US, surpassing several key competitors.
In 2023, India’s exports of ‘medicine put up for retail sale’ to the US surged to a substantial USD 9 billion, compared to USD 7.33 billion in the previous year. This substantial growth has elevated India’s market share to 13.1% in 2023 from 10.08% in 2022.
Furthermore, the country has witnessed a remarkable increase in antibiotics exports to Italy. The value of these exports jumped from USD 11.48 million in 2022 to USD 23.34 million in 2023.
These developments are attributed to the government’s concerted efforts to bolster domestic pharmaceutical manufacturing. The growing prominence of India as a reliable and cost-effective supplier of quality medicines is expected to further strengthen its position in the global pharma landscape.
Industry experts believe that India’s pharmaceutical sector is poised for even greater heights, driven by continuous innovation, technological advancements, and a skilled workforce.