Daijiworld Media Network - New Delhi
New Delhi, Apr 5: India’s pharmaceutical sector has continued its upward trajectory, with exports surpassing $28 billion up to February in the current financial year, registering growth of over 5 percent compared to the same period last year, according to a senior government official.
Speaking at the ‘Chintan Shivir: Scaling Up Pharma Exports’, the official said the expansion was driven by strong demand for formulations, biologicals, vaccines, and AYUSH products. Despite global economic headwinds, the sector has remained resilient and sustained its growth momentum.
Exports during April–February FY26 stood at $28.29 billion, marking a 5.6 percent increase over the previous financial year. Rajesh Agrawal, Secretary in the Department of Commerce, noted that even if dollar-based targets prove challenging, export figures are likely to show gains in rupee terms due to the weakening of the Indian currency against the US dollar.
He also pointed out that India’s pharmaceutical exports had reached $30.47 billion in FY24–25, reflecting a strong year-on-year growth of 9.4 percent despite pricing pressures and global trade uncertainties.
India currently ranks third worldwide in pharmaceutical production by volume and exports medicines to more than 200 countries. Notably, over 60 percent of these exports are shipped to highly regulated markets, highlighting the industry’s adherence to stringent quality and compliance standards.
The United States remains the largest destination, accounting for 34 percent of exports, followed by Europe with a 19 percent share.
Alongside pharmaceuticals, India’s medical devices sector is also poised for rapid expansion. According to an earlier industry report, the segment is expected to grow to $50.1 billion by 2030 from $15.2 billion in 2025, driven by initiatives such as the National Medical Devices Policy, Production-Linked Incentive (PLI) scheme, and the development of medical devices parks.
The report highlighted that while medical device exports reached $4.1 billion in FY25, imports stood significantly higher at $8.6 billion, indicating that a large portion of domestic demand—especially for advanced technology equipment—continues to be met through imports.