INDIA SOON TO BE TOP EXPORTER OF MEDICINES TO US
Why in the news?
India’s pharmaceutical industry is poised to become the leading exporter of medicines to the United States, with exports expected to reach $9.08 billion in 2023, up from $7.33 billion in 2022.
Key Data
- Market Share: In 2023, India’s market share in the US pharmaceutical sector increased to 13.1%, making it the third-largest supplier of medications to the US, following Ireland and Switzerland. This represents an increase from 10.8% in 2022.
- US exports: In 2023, India’s medicines exports to the US reached $9.08 billion, up from $7.33 billion the previous year. This includes major antibiotic exports, with India currently the second-largest supplier to the United States.
- India’s Pharmaceutical Industry: India is the world’s leading provider of generic medications, accounting for more than half of global vaccination demand, 40% of generic demand in the United States, and 25% of total medicine in the United Kingdom.
- Regulatory Compliance: Indian pharmaceutical businesses are known for adhering to tough US FDA standards, which has boosted their position in the US market.
Related Information
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