Discover the Potential Contribution of Pharmaceuticals in India’s Exports: A Closer Look to the Growth Rate and Trade Statistics of 2024

May 24, 2025

Discover the Potential Contribution of Pharmaceuticals in India’s Exports: A Closer Look to the Growth Rate and Trade Statistics of 2024

The strategic effort to expand global services has risen by 9%, doubling its rate from the previous global average. Around 40% of generic medicines are supplied to the United States, and vaccines have contributed to 60% of the total global demand.

The upward trajectory of the export sector is still on its queue by the continuous efforts of government initiatives like the Production-Linked Incentive, aiming to promote domestic manufacturing of critical key starting materials like drug intermediates and active pharmaceutical ingredients; to enhance the manufacturing capabilities. The international collaborations also work as a strong base for the overall pharmaceutical industry as it attracts most of the major investors including AstraZeneca, Dr. Reddy, and other major investors like Sun Pharma, Teva, and Johnson & Johnson.

Statistical Analysis of the Pharmaceutical Export of India in; the Last 5 Years

The robust manufacturing capacities of the cost-effective production of pharmaceuticals from India have played a pivotal role in helping the country meet global demands. Below is the statistical analysis of the crucial contribution of pharmaceutical exports to India’s economy for the last 5 years.

1. 2020 – Pharmaceutical export – 20.24 billion US dollars; Annual GDP contribution – 1.8%

2. 2021 – Pharmaceutical export – 21.31 billion US dollars; Annual GDP contribution – 2%

3. 2022 – Pharmaceutical export – 23 billion US dollars; Annual GDP contribution – 1.87%

4. 2023 – Pharmaceutical export – 23.87 billion US dollars; Annual GDP contribution -2.34%

5. 2024 – Pharmaceutical export – 25 billion US dollars; Annual GDP contribution -2.8%

Major Growth Drivers of the Pharmaceuticals Export of India

The pharmaceutical export sector of India has experienced robust growth and consistency in its global supplies, establishing the nation itself as a worldwide hub for affordable and high-quality medicines trade. The upward trajectory of pharmaceutical exports is powered by a combination of strategic policy support and high-class manufacturing capabilities of the industrial sectors, accompanied by a strong focus on research and development. The top growth drivers behind the sustainability of the pharmaceuticals export industry of India in 2024 are,

• Government Policies and Incentives - The Indian government, through several initiatives, has established the pharmaceuticals trade market of India at a crucial rate. The strategy not only fosters the annual valuation but also solidifies the trade rank by bolstering the trade deficit within the top competitors in the global market.

• Technological Advancements - The technological advancement introduced in the manufacturing units fosters production capabilities by making the extraction processes and the refining methods easier, resulting in a wide array of production in the manufacturing sectors.

• Expansion of High-value Products - As per the growing global demands, the trade management authorities have started introducing divergent variants of production in the global supply by an upward trajectory of the production capacity. The strategic shift is expected to boost the export value as the developing complex generally offers high margins to investors.

Major Companies Responsible for Pharmaceutical Exports in 2024

The pharmaceutical industry of India has been serving as a strong base for the country's export economy, with several home-grown companies solidifying their position in the global market. The pivotal role of the nation in supplying affordable and high-quality generic medicines has recorded an export of pharmaceuticals worth 25 billion US dollars in 2024. Here's a brief overview of the top pharmaceuticals exporting companies as per the India Customs Data,

1. Sun Pharmaceutical Industries Ltd - Export amount - 4.7 billion US dollars; Annual revenue share - 11.8%

2. Dr.Reddy’s Laboratories Ltd. - Export amount - 3.2 billion US dollars; Annual revenue share - 7.1%

3. Cipla Limited - Export amount - 2.1 billion US dollars; Annual revenue share - 5.61%

4. Ranbaxy Laboratories Ltd. - Export amount - 1.32 billion US dollars; Annual revenue share - 4.8%

5. Dabur India Ltd. - Export amount - 1 billion US dollars; Annual revenue share - 3.2%

Top Competitors of India for Pharmaceuticals in the Global Market

The analysis of the top competitors of the pharmaceuticals export industry of India by Import Globals represents the trade gaps within the exporting regions. This showcases the trade deficit between the targeting nations; here’s a brief overview of the top competitors according to the India Trade Data.

1. China – Pharmaceuticals export of 2024 – 121 billion US dollars; trade gap – 50%

2. Germany – Pharmaceuticals export of 2024 – 94.6 billion US dollars; trade gap – 28%

3. Switzerland – Pharmaceuticals export of 2024 – 68 billion US dollars; trade gap – 18%

4. United States – Pharmaceuticals export of 2024 – 57 billion US dollars; trade gap – 12%

5. Belgium – Pharmaceuticals export of 2024 – 48 billion US dollars; trade gap – 8%

The Top Exports of Pharmaceuticals From India in 2024

The pharmaceutical export sector of India has been ensuring its crucial role in global healthcare worldwide via its diversifying portfolio. The India Export Data enlists the below-mentioned products as the top pharmaceutical exports from the nation in 2024.

1. Generic Drugs – Revenue share – 15%; Valuation of export – 8 billion US dollars.

2. Anti-cancer Drugs – Revenue share – 13%; Valuation of export – 4.8 billion US dollars.

3. Vaccines – Revenue share – 9%; Valuation of export – 2.7 billion US dollars.

4. Cardiovascular Medications – Revenue share – 6%; Valuation of export – 1.5 billion US dollars.

5. Anti-Diabetic Drugs – Revenue share – 4.3%; Valuation of export – 1.2 billion US dollars.

6. Antibiotics – Revenue share – 3.2%; Valuation of export – 765 million US dollars.

7. Anti-Depressants – Revenue share – 2.7%; Valuation of export – 478 million US dollars.

8. Anti-Virals – Revenue share – 1.8%; Valuation of export – 354 million US dollars.

9. Nutraceuticals – Revenue share – 1.5%; Valuation of export – 225 million US dollars.

10. Oncology Drugs – Revenue share – 1.3%; Valuation of export – 187 million US dollars.

The Top Export Partners of India for Pharmaceuticals in 2024

The pharmaceutical exports of India with an impressive trade rate have been working as a base structure for the entire economic growth. The cost-effective strategies adopted and the positive supply of commodities is the attributing factors behind the recent surge. According to the India Trade Data, the top 10 export partners of India in 2024 are,

• United States – Valuations of pharmaceuticals exported – 9.8 billion US dollars.