Home Economy Pharma sector missed FY20 export target of $22 bn, says industry body

Pharma sector missed FY20 export target of $22 bn, says industry body

Exports in this sector grew 7.57 per cent, as against the targeted 15 per cent, to touch $20.58 billion, with shipments dropping nearly 3 per cent in the fourth quarter of the last fiscal, according to a note by the Pharmaceuticals Export Promotion Council (Pharmexcil) on Friday.

India’s pharmaceutical exports missed its $22-billion goal in the 2019-2020 fiscal, due to the impact of the ongoing COVID-19 pandemic and lockdown. Exports in this sector grew 7.57 per cent, as against the targeted 15 per cent, to touch $20.58 billion, with shipments dropping nearly 3 per cent in the fourth quarter of the last fiscal, according to a note by the Pharmaceuticals Export Promotion Council (Pharmexcil) on Friday.

“Usually, Indian pharma exports during Feb & Mar are quite brisk and are to an extent of 22-23 per cent in the first ten months (Apr-Jan). Having seen the good pace of export trend in first three quarters and price stabilisation in the United States, it was estimated that FY2020 exports would reach 22 bn USD mark,” stated the Pharmexcil media note.

“India being dependent on China to an extent of 60-70 per cent of its needs of bulk drugs has suffered disruption in the supply chain with the outbreak of COVID 19. Our imports of bulk drugs went down significantly in February,” it stated.

 

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