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<strong>India&rsquo;s exports of drugs and pharmaceuticals touched Rs 1,83,422 crore in 2021-22 — a growth of 103 per cent compared to 2013-14.</strong></p>
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India ranks third worldwide for production by volume and 14th by value. According to an official statement, India&rsquo;s pharma success story had been driven by the excellence in manufacturing, robust infrastructure, cost-competitiveness, trained human capital and innovation. The current market size of the Indian pharmaceutical industry is around $50 billion.</p>
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According to the statement 55 per cent of Indian pharma exports cater to highly regulated markets. Indian pharma companies have a substantial share in the prescription market in the US and EU, the statement added.</p>
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Sixty per cent of global vaccines and 20 per cent of generic medicines come from India.&nbsp; India also exported Covid 19 vaccines to a large number of countries.</p>
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As part of the trade agreements, India also signed a cooperation agreement with UAE and&nbsp;&nbsp; Australia which will give enhanced access to Indian pharma products to these markets.</p>
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The US, UK, Russia, South Africa and Nigeria comprise India&rsquo;s top export destinations.</p>
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The India Brand Equity Foundation data revealed that the foreign direct investment inflows in the Indian drugs and pharmaceuticals sector touched $ 1.206 billion between April-December 2021.</p>
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<strong>Also read: <a href="https://www.indianarrative.com/opinion-news/india-hopes-for-robust-regional-partnership-with-nordic-countries-during-pm-modi-s-visit-to-europe-167739.html">India hopes for robust regional partnership with Nordic countries during PM Modi&rsquo;s visit to Europe</a></strong></p>
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