Summary:

The Indian government's efforts to expand local pharmaceutical manufacturing have greatly increased its export footprint. India is now the third-largest supplier of retail medications imported into the United States, following Ireland and Switzerland. In 2023, India exported $9.0 billion worth of medications, up from $7.3 billion in 2022, increasing its market share to 13.1% from 10.1% the previous year.

India's antibiotic exports to Italy also grew, with a market share of 2.1% in 2023, up from 0.96% in 2022. The value of these exports rose to $23.34 million from $11.48 million. Additionally, India's MRI apparatus market share in Germany increased to 1.7% in 2023, with exports reaching $13.02 million, up from $2.93 million in 2022.

India is the sixth-largest exporter of MRI equipment, with the United Kingdom leading at $460 million. Officials emphasized the challenges of entering the EU market and the importance of establishing a solid foundation. The government's focus on pharmaceuticals and medical devices, supported by the Production Linked Incentive (PLI) scheme, aims to drive growth through strategic initiatives.

Source: IBEF

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