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Day: August 16, 2024

Hindustan Zinc
"India's pharma exports rise in 2023, with medicine shipments to the US, antibiotics to Italy, and MRI apparatus sales to Germany surging. India's global market share grows to 13.1%." Medicine export from India has seen significant growth in 2023, with India's pharma exports rising sharply, especially to the US, Italy, and Germany.  India's share in the global market increased to 13.1% in 2023, up from 10.08% in 2022, making the country the third-largest source of medicine imports for the United States, following Ireland and Switzerland. India's Pharmaceuticals Exports Surge in 2023 According to data from the Ministry of Commerce, India's pharmaceuticals exports grew from USD 7.33 billion in 2022 to USD 9 billion in 2023. This growth propelled India's market share in the US to 13.1%, with Ireland and Switzerland witnessing declines in their shares. Ireland's share dropped to 13.85%, and Switzerland's to 13.7%, as their US sales decreased. Antibiotics Exports to Italy on the Rise India's antibiotics exports also saw a significant boost, particularly in the Italian market. India's share of antibiotics exports to Italy increased to 2.12% in 2023, with exports reaching USD 23.34 million, up from USD 11.48 million in 2022. This growth highlights India's strengthening position in the global antibiotics market. MRI Apparatus Sales Surge in Germany India's export share in the MRI apparatus market in Germany also saw a notable increase, rising to 1.7% in 2023 from 0.45% in 2022. India exported MRI machines worth USD 13.02 million to Germany in 2023, making it the sixth-largest exporter of MRI apparatus globally. Government Focus on Pharma and Medical Devices The Indian government's emphasis on the pharma and medical device sectors, supported by initiatives like the Production-Linked Incentive (PLI) scheme, has played a crucial role in this export growth. The increase in medicine exports, particularly to key markets like the US, Italy, and Germany, reflects India's expanding footprint in the global pharmaceutical and medical device industries.
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