Growth rate seems relatively big as the exports of March 2020 were crunched due to lockdown across the world and supply chain disruption, he was quoted as saying.
When the global pharma market is negatively grown by 1-2 percent in 2020, there is a big surge in demand for Indian-made generics owing to its quality and affordability, the official said adding Drug formulations and Biologicals is the second largest Principal commodity being exported by India.
The Pharma exports body is expecting big growth in Indian vaccine exports in the coming years and the government policy on PLI (production Linked Incentive) scheme will also help the domestic pharma to grow by reducing import dependence and develop export potential in the days to come as most of the countries are looking at India for APIs ( active pharmaceutical ingredient) he said. North America is the largest exporting region for Indian pharmaceuticals with more than 34 percent share.
Country-wise exports to the US, Canada and Mexico have recorded a growth of 12.6, 30 and 21.4 percent respectively. South Africa being the second largest exporting country, recorded a big jump of 28 percent growth while Europe was the third largest exporting region which has recorded approximately 11 percent growth over the previous year.