Government’s emphasis on enhancing domestic pharmaceutical manufacturing, India’s exports of medicines and antibiotics have begun to capture a significant portion of the US market.
According to data from the commerce ministry, India has become the third-largest source of imports of ‘medicine put up for retail sale’ for the US, following Ireland and Switzerland. In 2023, India exported medicines worth US$ 9.0 billion, up from US$ 7.3 billion in 2022, leading to an increase in its market share to 13.1% in 2023 from 10.1% in 2022.
Similarly, India has seen a growth in its share of antibiotic exports to Italy, moving up to the 10th position in that market with a share of 2.1% in 2023 compared to 0.96% in 2022. The value of India’s antibiotic exports to Italy reached US$ 23.34 million in 2023, up from US$ 11.48 million in 2022.
Furthermore, India’s competitiveness in the Magnetic Resonance Imaging (MRI) apparatus market in Germany is on the rise, with its export share increasing to 1.7% in 2023 from 0.45% in 2022. India exported MRI machines worth US$ 13.02 million in 2023, a significant increase from US$ 2.93 million in 2022.
India stands as the sixth largest exporter of MRI apparatus, with the UK leading the market with exports totalling US$ 460 million. An official noted the challenges of entering the EU market and highlighted the importance of establishing a solid foundation.
The government’s focus on pharmaceutical and medical devices manufacturing, supported by the Production Linked Incentive (PLI) scheme, underscores its commitment to driving growth in these key sectors through strategic market monitoring and targeted initiatives.
