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The tempo of exports has greater than doubled from the 6.18% development in the identical interval of FY23, in keeping with estimates by Pharmaceutical Export Promotion Council (Pharmexcil).
Exports to the US climbed to $7.83 billion throughout the April-February interval from $6.8 billion in the identical interval in FY23.
India’s whole pharmaceutical exports elevated 9.34% at $25.04 billion from $22.9 billion throughout the interval underneath assessment. US contributes about 30% of India’s whole pharma exports.
R Uday Bhaskar, director common, Pharmexcil, mentioned after a adverse development in 2022, the expansion in US exports is nice information for the pharma business.
“Until FY16, India’s exports have been all the time rising at greater than twice the speed as we have been getting quicker approvals of Abbreviated New Drug Purposes … Nevertheless, later USFDA not solely slowed down its approval price however even the US native market was additionally sluggish,” he mentioned.
