Pharma exports report 6.86% growth in September
Pharmaceutical export during the month of September has registered a 6.86 per cent growth as compared to the same month of previous year. The first six months of the fiscal year has also registered a growth of 6.04 per cent compared to the same period of previous year, with a significant improvement from the growth rate reported in the first six months of 2021.
Exports of drugs and pharmaceuticals during the month of September, 2022, was at $2.19 billion, as compared to $2.05 billion during the same month of previous year, according to the quick estimate data from the ministry of commerce and industry for the month of September. The exports for the month have grown closer to the levels of exports reported in the same month of 2020, the year in which the pharma industry has reported one of the highest growth in the previous eight years.
Imports continued to decline during the month and the six months ended September. The imports of medicinal and pharmaceutical products during the month of September, 2022 was at $601.11 million, which is a 5.76 per cent decline compared to the $637.83 million during the same period of previous year.
The exports, during the six months ended September 2022, stood at $12.72 billion, reporting a growth of 6.04 per cent compared to $11.99 million during the same period of previous year. Imports for the six months reported a significant decline of 15.81 per cent, to $4.06 billion as compared to $4.83 per cent reported during the six months from April to September, 2021. The growing exports and declining imports is expected to result in a decline in trade deficit, said experts.
It may be noted that during the month of September, 2021, exports registered a decline of 8.45 per cent to $2.05 billion as compared to $2.24 billion reported during the first six months of the previous fiscal year.
The exports of drugs and pharmaceuticals during the month of August, 2022 has registered a growth of 6.67 per cent as compared to the corresponding month of last year. The sector has reported an export of $2.14 billion as compared to the $2 billion exports registered in August, 2021. Imports during the month of August have reported a decline of around three per cent to $638.23 million, as compared to $656.88 million during the same period of previous year.
Analytics major CRISIL in a report released in the second half of August has said that a sluggish export sales in the regulated markets and high-base effect in the domestic formulations business is expected to impact the pharma industry which could register a moderate revenue growth of 7-9 per cent in the current fiscal year.
The exports of drugs and pharmaceuticals during the fiscal year 2021-22 witnessed a growth of 0.66 per cent at $24.6 billion as compared to $24.44 billion during the previous fiscal year. The growth was achieved despite several issues the global industry faced during the year, said industry experts.
Pharma exports witnessed a growth of 103 per cent since 2013-14, from Rs. 90, 415 crore in 2013-14 to Rs. 1,83,422 crore in 2021-22. The exports achieved in 2021-22 is the pharma sector’s best export performance ever, claimed the ministry of commerce recently. The exports grew by almost $10 billion in eight years.
Around 55 per cent of its pharma exports cater to highly regulated markets. Indian pharma companies have a substantial share in the prescription market in the US and EU. The largest number of US Food and Drug Administration approved plants outside the US is in India, it added.
In the year 2020-21, Indian drugs and pharmaceuticals had registered a sharp growth amid the Covid-19 despair, achieving an export of $24.4 billion with a YoY growth of 18%.
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