India's pharmaceutical exports are forecast to rise by nearly 11 per cent this fiscal year, reaching over $31 billion by March 31, 2025, Reuters reported on Thursday. This growth comes despite recent concerns raised by some global countries regarding the quality of Indian medicines, following cough syrup-related deaths in Gambia and Uzbekistan. The key drivers of this projected growth are the United States and the United Kingdom. The US market already accounts for roughly 30 per cent of India's annual pharmaceutical exports, with a near 16 per cent increase reported in fiscal year 2024. The Pharmaceuticals Export Promotion Council of India (Pharmexcil) director general, Udaya Bhaskar, credits the increase in demand for Indian medications to drug shortages in the US and the rising need for treatments for lifestyle diseases such as diabetes, hypertension, and depression. Bhaskar is optimistic about the UK market due to increased drug prices post-COVID and Brexit effects. He sees potential in supplying affordable Indian drugs to address shortages in the UK National Health Service (NHS).
