India’s Pharma Exports Surge Past $28 Billion, Maintain Strong Growth Momentum

India’s pharmaceutical export trajectory over the last five years reflects a consistent growth pattern , reinforced by recent data showing that exports reached USD 28.29 billion (April–February FY26) , marking a 5.6% growth despite global challenges. The sector, currently valued at around USD 60 billion , is projected to expand significantly in the coming years, highlighting its growing global importance. Looking back, exports stood at around USD 20–21 billion in FY2019–20 , but during FY2020–21 , amid the COVID-19 pandemic , exports surged to USD 24.4 billion , registering an impressive ~18% growth . This sharp rise was driven by global demand for generic medicines , vaccines , and essential drugs, while India’s pharma industry continued operations as an essential service , unlike many other sectors that faced shutdowns.

In the subsequent years, exports remained resilient and gradually increased. FY2021–22 saw stable exports of around USD 24.6 billion , followed by USD 25.4 billion in FY2022–23 , even as the sector faced pricing pressures and trade disruptions. A strong recovery phase followed, with exports rising to USD 27.9 billion in FY2023–24 and further to USD 30.47 billion in FY2024–25 , reflecting a 9.4% year-on-year growth despite global volatility. The latest estimates suggest that India is likely to end the current financial year close to previous levels, with growth supported by formulations, biologicals, and vaccines , while external factors such as tariff-driven demand fluctuations in the United States may influence final numbers.

This export growth has also been closely linked to stock market performance , where pharma stocks have acted as defensive assets during uncertain periods. During the pandemic, investor confidence in the sector increased significantly, while in recent times, the trend has been mixed , with companies like Sun Pharma and Divi’s Laboratories maintaining strong momentum, and others experiencing pressure due to regulatory and margin challenges. Structurally, India’s pharma industry operates on a balanced manufacturing-to-export ratio , with nearly 50% of production exported and the rest serving domestic demand. This dual strength, combined with exports to over 200 markets and a strong presence in regulated regions like the US and Europe, continues to reinforce India’s position as a global pharmaceutical hub and a leading supplier of affordable medicines worldwide.