India has become the third largest import source of medicine put up for retail sale in the United States (US), following Ireland and Switzerland. According to a PTI report citing Ministry of Commerce data, India's medicine exports grew to USD 9 billion in 2023 from USD 7.33 billion in 2022.
Due to this rise in exports, India's share in the overall market increased to 13.1 per cent in 2023 from 10.08 per cent in 2022.
The report said that Ireland, the world’s largest exporter, fell to 13.85 per cent in 2023 from 17.18 per cent in 2022 as its sales in the US went down to USD 9.5 billion in 2023 from USD 12.5 billion in 2022. The second biggest exporter, Switzerland, also declined to 13.7 per cent last year from 17.4 per cent in 2022.
Additionally, India's share of antibiotics exports has increased in the Italian market. India ranks 10th in the market by increasing its share to 2.12 per cent in 2023 from 0.96 per cent in 2022.
India’s antibiotics exports to Italy stood at USD 23.34 million in 2023 from USD 11.48 million in 2022.
According to the report, India's market share is growing in the Magnetic Resonance Imaging (MRI) apparatus market in Germany. In 2023, India’s export share in Germany rose to 1.7 per cent from 0.45 per cent in 2022.
India exported these MRI machines worth USD 13.02 million last year from USD 2.93 million in 2022.
India is the sixth largest exporter of MRI apparatus, whereas the UK is the largest exporter, with USD 460 million in exports.
"Penetrating the EU market is difficult, and it is important that we have a base coming in. These reflect some efforts which are being put in terms of monitoring various markets and various commodities to see where growth can be pushed," the PTI report said quoting an official.
Pharma and medical device manufacturing are the government's priority areas, and they were the initial sectors to receive a Production-Linked Incentive (PLI) scheme.
(With inputs from PTI)
