India’s pharmaceutical exports have surpassed $28 billion by February in the current financial year, marking a growth of over 5% compared to the same period last year. This growth, as highlighted by a senior government official at the ‘Chintan Shivir: Scaling Up Pharma Exports’ event, was primarily driven by formulations, biologicals, vaccines, and Ayush products. Despite global challenges, the pharmaceutical sector has sustained growth momentum, with exports totaling $28.29 billion from April to February FY26, reflecting a 5.6% increase over FY25.
Rajesh Agrawal, Secretary in the Department of Commerce, emphasized that while achieving set export targets in dollar terms might be challenging, the export performance is expected to exhibit growth in rupee terms due to the continuous depreciation of the Indian currency against the US dollar. Looking back, India’s pharmaceutical exports had reached $30.47 billion in FY24–25, showing a year-on-year growth of 9.4% despite global pricing pressures and trade volatility. India holds the third position globally in pharmaceutical production by volume and exports to more than 200 markets worldwide.
The majority of India’s pharmaceutical exports, over 60%, are directed towards highly regulated markets, showcasing the industry’s robust compliance and quality standards. Notably, the United States accounts for 34% of these exports, followed by Europe at 19%. In a separate report by Rubix Industry, it was projected that India’s medical devices industry is set to reach $50.1 billion by 2030 from $15.2 billion in 2025, with a compound annual growth rate of 26.9%. This growth is attributed to various government initiatives such as the National Medical Devices Policy and Production-Linked Incentive Scheme, among others.
