The Indian pharmaceuticals market is about to become the third-largest in terms of volume and thirteenth-largest in terms of value.
India’s total merchandise exports registered a 9.06 percent growth to hit a new high of US$330 billion, surpassing the earlier peak of US$313 billion clocked in 2013-14 FY. India’s total imports grew at a much higher rate at 10.45 percent, amounting to US$514 billion. But as we are talking about Pharmaceutical industry, The country’s pharmaceutical exports alone rose 11 per cent to $19.2 billion in 2018-19. North America constitutes about 30 per cent of Indian pharma exports, followed by Africa and the European Union with 19 per cent and 16 per cent share, respectively.
India is one of the largest provider of generic medicines globally, occupying a 20% share in global supplies by volume. The country is home to 3,000 pharma companies with a strong network of over 10,500 manufacturing facilities which is leading Indian Pharmaceuticals to become The third largest pharmaceutical market by 2020 in terms of incremental growth.
The future seems great in export terms, because industry is growing faster than before and the potential seem to be far than the usual.