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The country's drugs and <keyword id="20006091" type="General" weightage="20" keywordseo="pharmaceuticals" source="keywords">pharmaceuticals</keyword> exports increased 9.67 per cent year-on-year to USD 27.9 billion in 2023-24, even as the total exports dipped by 3 per cent in the last fiscal. According to the commerce ministry data, <keyword id="20988985" type="General" weightage="20" keywordseo="pharma-exports" source="keywords">pharma exports</keyword> in March grew by 12.73 per cent to USD 2.8 billion. In 2022-23, the exports stood at USD 25.4 billion. The top five export markets, for the sector during the last fiscal, are the US, the UK, the Netherlands, the United Kingdom, South Africa and Brazil. The US accounts for over 31 per cent of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s total pharma exports, followed by the UK and Netherlands (about 3 per cent each). In 2023-24, the outbound shipments also entered new geographies like Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti and Ethiopia. An industry expert said that increasing market opportunities and healthy demand in countries like the US are helping exports to record healthy growth rates month after month. Experts have said that India's pharmaceutical business may exceed USD 130 billion by 2030, supported by expanding market opportunities and heightened demand in the overseas markets. The business stood at over USD 50 billion for the 2022-23. On average, India exports pharma products worth USD 2-3 billion every month. India's pharmaceutical industry is the third largest by volume and the 13th largest by value in the world, producing more than 60,000 <keyword id="20581305" type="General" weightage="20" keywordseo="generic-drugs" source="keywords">generic drugs</keyword> across 60 therapeutic categories. The government has rolled out two production-linked incentive (<keyword id="19958919" type="General" weightage="20" keywordseo="pli" source="keywords">PLI</keyword>) schemes to promote domestic manufacturing of key pharmaceutical ingredients and generic medicines. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank">Realme Narzo 70, Narzo 70X 5G smartphones launched in India starting at ₹11,999</a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank">Apple Let Loose event scheduled for May 7 – New iPad models expected to be launched</a><a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a>

India's pharma exports rise 10% to $27.9 bn in FY24

China's Covid-related lockdowns in 2022 crippled the flow of important pharmaceutical products around the world. The events are prompting a reconsideration of the structure of international supply networks, along with geopolitical competitiveness and macroeconomic pressures. <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> may become a destination in the US's new "friend-shoring" policy for the pharmaceutical industry, reported <keyword id="7667981" type="General" weightage="80" keywordseo="hinrich-foundation" source="Orion">Hinrich Foundation</keyword>. The term friend-shoring is used for the act of moving supply networks to nations with little chance of political unrest disrupting them. Notably, the Hinrich Foundation is an organisation that works to advance mutually beneficial and sustainable global trade through research and education programs that build understanding and leadership in global trade. National leaders no longer seem to believe in the logic of free trade as the world economy recovers from the Covid-19 pandemic, especially when it causes the concentration of essential supply chains of crucial businesses in certain geopolitically hazardous geographies. Supporting the growth of supply chains in friendly countries is known as "friend-shoring," and among US authorities it has emerged as a strategic shift away from the costs and alleged drawbacks of both uncontrolled foreign investment and the "onshoring" industries, read a paper jointly authored by <keyword id="16717305" type="General" weightage="80" keywordseo="akhil-ramesh" source="Orion">Akhil Ramesh</keyword> and <keyword id="14532427" type="General" weightage="80" keywordseo="rob-york" source="Orion">Rob York</keyword> for Hinrich Foundation. Given the recent economic liberalisation measures in India, the expanding alliance between New Delhi and Washington, and India's position as the "pharmacy of the world," the pharmaceuticals sector, whose significance was increased by the pandemic, is a good possibility. However, the indigenous industry in India confronts difficulties because of inadequate regulatory monitoring, reliance on China for component supplies, and problems emerging from environmental damage related to their manufacturing. China has provided considerable economic support to the pharmaceutical industry over the past two decades, while the US has brought a knife to a gunfight by not applying industrial policy planning to its pharmaceutical and API businesses to a comparable amount. Since then, the US has intensified its shift towards such industrial policies. America continues to have a strategic edge as the biggest buyer of medications in the world. To change the supply chain, the US might use its market for pharmaceutical consumption as a weapon. The US might increase its edge in supply chain diversification if it can convince Japan and France to join the friend-shoring movement, the paper in Hinrich Foundation further read. The <keyword id="14429529" type="General" weightage="50" keywordseo="mineral-security-partnership" source="Orion">Mineral Security Partnership</keyword> (<keyword id="133827" type="General" weightage="50" keywordseo="msp" source="Orion">MSP</keyword>) and the CHIP4Alliance for semiconductors are two comparable partnerships that the US has previously started. In order to achieve this, the US could first use the "panopticon effect"41 to collect crucial strategic information from the Indian government and pharmaceutical sector. Second, it might promote the security establishment's participation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/for-many-years-after-independence-there-was-no-long-term-vision-in-health-sector-pm/articleshow/98444722.cms">For many years after Independence, there was no long term vision in health sector: PM</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/will-reliance-capital-lenders-get-their-dues-fast-or-will-there-be-legal-delays/articleshow/98445213.cms">Will Reliance Capital lenders get their dues fast or will there be legal delays</a>

India emerges as US's new destination for "friend-shoring" pharmaceutical supply chains

The Indian pharmaceuticals industry is expected to log in a revenue growth of 8-10 per cent in current fiscal aided by a steady domestic growth and increased exports to regulated markets, even as semi-regulated markets face headwinds, according to a report. A study of 186 drug makers, which accounted for about half of the Rs 3.7 lakh crore annual revenue of the sector last fiscal, indicates as much, <keyword id="6359483" type="General" weightage="100" keywordseo="crisil" source="Orion">Crisil</keyword> said on Monday. "Similar to last fiscal, domestic growth in fiscal 2024, will be led by 5-6 per cent increase in realisations, supported partly by high price hikes allowed by the <keyword id="390804" type="General" weightage="50" keywordseo="national-pharmaceutical-pricing-authority" source="Orion">National Pharmaceutical Pricing Authority</keyword> (NPPA) for drugs under price regulation," Crisil Research Director <keyword id="13891160" type="General" weightage="50" keywordseo="aniket-dani" source="Orion">Aniket Dani</keyword> said. In addition, sale of existing drugs and new launches will drive 3-4 per cent volume growth, he added. Operating profitability is also seen improving 50-100 basis points (bps) to 21 per cent this fiscal, supported by moderation in input and logistics costs, and abating pricing pressure in the US generics market, it said. This follows two consecutive years of margin contraction due to high pricing pressure in the US and a sharp rise in input costs caused by supply chain disruption during the Covid pandemic, and thereafter, Crisil noted. Credit profiles will remain stable owing to low-leverage balance sheets and moderate capex plans, it stated. In the ongoing fiscal, domestic sales are expected to witness 8-10 per cent growth with the chronic segment expected to be the key contributor to revenues, because of the steady increase in lifestyle-related diseases and continued emphasis on health awareness, post the pandemic, Crisil said. Formulation exports are seen up 7-9 per cent in rupee terms this fiscal, more driven by volumes, from new product launches, and abating price pressure in the US generics markets, it said. On the other hand, increase in claw-back taxes in select <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>an markets could lead to lower growth in exports to Europe this fiscal, it added. "Growth in exports to Asia will improve this fiscal, after clocking a modest growth last fiscal, while exports to Africa will continue to remain sluggish on account of low forex reserves (impacting the purchasing power) and high currency volatility," Crisil said. Lower input prices and normalisation of supply chains should cull inventories to pre-pandemic levels, resulting in smaller incremental working capital debt this fiscal, it added. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/pixel-watch-2-gets-set-to-take-on-galaxy-watch-6-and-apple-watch-series-9-in-india/articleshow/103567404.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/pixel-watch-2-gets-set-to-take-on-galaxy-watch-6-and-apple-watch-series-9-in-india/articleshow/103567404.cms" target="_blank">Pixel Watch 2 gets set to take on Galaxy Watch 6 and Apple Watch Series 9 in India</a> <a href="https://www.businessinsider.in/tech/mobile/news/how-the-iphone-15-and-iphone-15-pro-models-will-differ/articleshow/103513314.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/how-the-iphone-15-and-iphone-15-pro-models-will-differ/articleshow/103513314.cms" target="_blank">Here’s how the iPhone 15 and iPhone 15 Pro models will differ</a> <a href="https://www.businessinsider.in/business/auto/news/volvo-c40-recharge-with-530-km-range-launched-in-india-for-61-25-lakh/articleshow/103382328.cms">Volvo C40 Recharge with 530 km range launched in India for ₹61.25 lakh</a>

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India's pharma exports rise 10% to $27.9 bn in FY24

PTI

India emerges as US's new destination for "friend-shoring" pharmaceutical supply chains

ANI

Indian pharma industry to log in 8-10% revenue growth this fiscal: Crisil

PTI

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