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India's pharmaceutical exports rise 3% to $17.3 billion in FY18

The commerce ministry in its latest data has showed that India's pharmaceutical exports rose only 3% to $17.3 billion in last financial year (FY18) as compared to $16.7 in FY17, while in financial year 2016 exports were $16.9 billion. The marginal rise in exports was on account of increasing regulatory concerns and pricing pressures in the global markets, including the US. Besides, import alerts by the US Food and Drug Administration, regulatory hurdles and currency fluctuation also contributed to slow growth in the overseas shipments.

The sector accounted for about 6% in the country's total exports of $303 billion in last financial year (FY18). It is one of the top five sectors in the exports segment. Generic drugs form the largest segment of the Indian pharmaceutical sector, with 75% market share (in terms of revenues). Over 55% of India's exports go to highly regulated markets.

India supplies 20% of global generic medicines in terms of volume, making the country the largest provider of generic medicines globally. The US is the top destination for Indian pharma exports, followed by the UK. America accounts for about 25% of the country's shipments. The other important destinations include South Africa, Russia, Nigeria, Brazil and Germany. Additionally, the government is working on measures to promote exports in Japan and China, tough registration and regulatory procedures there act as hindrance for domestic exporters.

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