Business

India's Pharmaceutical and Meditech Exports Surge to 4th Position for FY25 Amid Economic Challenges

A promising pipeline of 16 drugs targeting conditions such as cancer, diabetes, HIV, and tuberculosis is expected to bolster the country's export potential. These upcoming drugs are part of a broader set of 25 molecules that are slated to lose patent protection in the coming years, opening new opportunities for Indian manufacturers.

• By Newsdesk
• New Delhi
• Oct 12, 2024

Business

Despite global economic uncertainties, India's pharmaceutical and medical technology sectors are set to achieve significant export growth, emerging as the country's fourth-largest export contributor in the last fiscal year, according to Arunish Chawla, Secretary of the Department of Pharmaceuticals. Speaking at the CII Pharma and Life Sciences Summit, Chawla highlighted that exports in these sectors are showing double-digit growth, driven by government initiatives and the Production Linked Incentive (PLI) scheme.

A promising pipeline of 16 drugs targeting conditions such as cancer, diabetes, HIV, and tuberculosis is expected to bolster the country's export potential. These upcoming drugs are part of a broader set of 25 molecules that are slated to lose patent protection in the coming years, opening new opportunities for Indian manufacturers. Chawla noted a notable rise in the exports of pharmaceuticals, biotech products, and bulk drugs in 2023. Additionally, the country has shifted towards an export-oriented approach in the consumables and surgical supplies market over the past year.

This fiscal year, India is also strengthening its position as an emerging leader in imaging devices, body implants, and in-vitro diagnostics. Chawla revealed that the government has carried out extensive research to identify high-potential drugs and breakthrough molecules in both traditional pharmaceuticals and the growing biotech and biosimilars markets.

The 16 drugs in development are currently undergoing various stages of regulatory approval and licensing. Indian pharmaceutical companies are utilizing the benefits offered by the PLI scheme to support research, clinical trials, and regulatory compliance. Chawla added that the Drugs Controller General of India (DCGI) has already granted approval for some of these promising new drugs, setting the stage for further advancements in the sector.