Pharmaceutical exports increased at a record 18% to reach $24.44 billion in the FY ended March 31, 2021, due to Covid-19. On Saturday Pharmexcil stated that according to the quick estimates shared by the Department of Commerce, Government of India, Drugs and Pharmaceutical Exports for the FY-21 has touched $ 24.44 Billion with a record growth of 18.07%.

 The exports during FY 2020 were $ 20.58 billion with a growth rate of 7.57. India’s pharmaceutical industry stood strong in the times of the Covid-19 pandemic which has pushed several economies and businesses to the brink, with robust growth in exports and contributing to the wellbeing of the nations across the world at times when the global pharma market grew negatively by 1-2% in 2020, there is a big surge in demand for Indian made generics owing to its quality and affordability. Drug formulations & biologicals are the second-largest principal commodity exported by India. R Uday Bhaskar, DG, Pharmexcil spoke that they have observed a big leap in our exports in March 2021 which is $2.3billion and is highest among the exports of all the months of this financial year, the growth rate for this month is 48.5% against the exports in March 2020 ($1.54 billion).

The growth rate appears comparatively big as the exports of March 2020 went down due to lockdown across the world and supply chain disruption. Pharma exports have increased considerably all these years and the industry has observed the highest export figures and growth rate in this financial year, in contrast to the last eight financial years. The same trend is set to stay due to the increased demand for Indian-made generics and vaccines.