India’s pharmaceutical exports stood at $28.29 billion during April – February of FY26, registering a 5.6 per cent growth compared to the same period in the previous financial year, according to the Pharmaceuticals Exports Promotion Council (Pharmexcil)
Speaking at the inaugural session of Chintan Shivir 2026: Scaling Up Pharma Exports, organised by Pharmexcil here on Saturday, K Raja Bhanu, Director General, Pharmexcil, said the growth was driven by formulations, biologicals, vaccines and AYUSH products. “The Indian pharmaceutical industry is currently valued at $60 billion and is projected to grow to $130 billion by 2030,’’ he added.
Pharma exports were $30.47 billion in FY2024–25, marking year-on-year growth of 9.4 per cent.
FY26 outlook hinges on March shipments
Pharmexcil Chairman Namit Joshi said India is likely to end the current financial year at levels similar to FY25.
Referring to the impact of the West Asian crisis, Joshi said that to achieve total exports of $32 billion in FY26, shipments in March would need to reach $3.72 billion, based on exporters’ existing export invoices.
However, he noted that the West Asia war-related disruption had impacted shipments, and the final export figures for FY26 would depend on the volume registered during March.
Call to reduce import dependence in pharma sector
Rajesh Agarwal, Secretary, Department of Commerce, Ministry of Commerce and Industry (MoCI), said India’s pharmaceutical industry should reduce its critical dependence on imports used in manufacturing, while insulating exports from global geopolitical uncertainties.
“Whatever we import, we must ensure that our supply chains are fully insulated from global uncertainties,” he said.
Though 100 per cent import substitution might not be feasible, particularly for active pharmaceutical ingredients (APIs) and other key raw materials. “But it should be pursued to the maximum possible extent,” he added.