Despite global headwinds, India’s pharmaceutical exports are booming, exceeding $28 billion and projecting significant growth, driven by strong performance in formulations, biologicals, and vaccines.
Photograph:Yves Herman/Reuters
Key Points
- India’s pharmaceutical exports reached over $28 billion, showing a growth of over 5 per cent compared to the previous year.
- The Indian pharmaceutical sector is projected to grow to $130 billion by 2030, driven by formulations, biologicals, vaccines and AYUSH products.
- India’s pharmaceutical exports are directed towards highly regulated markets, with the United States accounting for 34 per cent and Europe for 19 per cent.
- Pharmexcil aims to achieve $65 billion in exports by 2030 through policy prioritisation, market diversification, increased FDI inflows and improved regulatory efficiency.
India’s pharmaceutical exports stood at over $28 billion up to February in the last financial year, registering a growth of more than 5 per cent compared to the same period previous year, a top official said on Saturday.
K Raja Bhanu, director general of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), said the sector, currently valued at around $60 billion, is projected to grow to $130 billion by 2030.
“Despite global challenges, pharmaceutical exports have been among the few sectors to maintain growth momentum.
Exports during April–February FY26 stood at $28.29 billion, reflecting a growth of 5.6 per cent compared to the same period in FY25, led by formulations, biologicals, vaccines and AYUSH products,” he said, addressing the inaugural session of the ‘Chintan Shivir: Scaling Up Pharma Exports’.
Bhanu added that exports reached $30.47 billion in FY2024–25, marking a year-on-year growth of 9.4 per cent despite global pricing pressures and trade volatility.
Pharmexcil Chairman Namit Joshi said India is likely to end the current financial year at levels similar to FY25.
Future Growth and Export Targets
Looking ahead, Bhanu said Pharmexcil aims to achieve $65 billion in exports by 2030 through policy prioritisation, market diversification beyond traditional geographies, increased FDI inflows and improved regulatory efficiency.
India ranks third globally in pharmaceutical production by volume, with exports reaching over 200 markets worldwide, he said.
Notably, more than 60 per cent of India’s pharmaceutical exports are directed towards highly regulated markets, underscoring the industry’s quality and compliance standards.
The United States accounts for 34 per cent of exports, followed by Europe at 19 per cent, he added.
Joshi said tariff-related issues in 2025 led to higher procurement of medicines worth $1.6 billion in the US, above normal levels, which is expected to impact FY26 figures.
“That is why we expect to end up close to last year’s performance, with some growth coming from that,” he said.
He added that exact figures would be available only after the March data is released.
