In a big boost for the Indian pharmaceutical sector, the nation’s pharma exports grew at a robust 18.07 per cent in the financial year 2020-21 to touch an all-time annual high of $24.22 billion, up from $20.58 billion of exports recorded last year.
Furthermore, the month of March also saw the monthly exports surge to an all-time high of $2.3 billion, according to the quick estimates compiled by the Union Ministry of Commerce and Industry and released by the Pharmaceutical Export Promotion Council of India (Pharmexcil).
This gains significance as the $2.3 billion exports in March were 48.5 per cent higher than the $1.54 billion of pharmaceutical exports achieved in the same month a year ago.
Also, according to the Pharmexcil, the 18.07 per cent surge in annual pharmaceutical exports is the highest in eight years.
The Pharmexcil has also said that its efforts in penetrating the markets of around 40 countries other than North America and Europe during the pandemic by way of virtual business meetings with the support of the Department of Commerce and Indian Missions abroad have yielded positive results in the growth of exports.