India’s pharmaceutical exports have seen a significant rise, reaching ₹74,000 crore in 2023, up from ₹60,756 crore in 2022. This increase has propelled India’s share in the global market to 13.1% in 2023, compared to 10.08% the previous year, according to Ministry of Commerce data.India is now the third-largest source of medicines for the United States, following Ireland and Switzerland.
While Ireland and Switzerland’s market shares in the US have declined, India’s exports to the US have grown substantially. Ireland’s exports fell to ₹78,000 crore in 2023 from ₹1,02,600 crore in 2022, while Switzerland saw a similar decline.In the European market, India has made notable inroads, particularly in Italy and Germany. India’s share of antibiotics exports to Italy increased from 0.96% in 2022 to 2.12% in 2023, with exports rising to ₹1,92,000 crore. Additionally, India’s presence in Germany’s Magnetic Resonance Imaging (MRI) apparatus market has grown, with exports rising from ₹240 crore in 2022 to ₹1,07,000 crore in 2023, increasing the market share to 1.7%.India currently ranks as the sixth-largest exporter of MRI apparatus, with the United Kingdom leading the market with ₹3,760 crore in exports.
This growth reflects the Indian government’s focus on boosting pharma and medical device manufacturing, supported by the Production-Linked Incentive (PLI) scheme. An official quoted by PTI emphasized the importance of penetrating the European market, highlighting ongoing efforts to monitor and expand in key markets.