New Delhi, February 21 The commerce ministry said on Saturday that the country's pharmaceutical exports grew by 9.4 per cent in 2024-25 to USD 30.47 billion, and the industry is aiming for double-digit expansion in 2026-27.
Issues related to pharmaceutical exports were discussed between government officials and industry during the Chintan Shivir in Ahmedabad.
The sector, currently valued at around USD 60 billion, is projected to reach USD 130 billion by 2030.
India ranks third globally in terms of volume, with medicines exported to over 200 markets, and more than 60 per cent of exports are destined for stringent regulatory markets.
The US accounts for 34 per cent and Europe for 19 per cent of India's pharmaceutical exports.
"The interaction highlighted the government's focus on creating the right conditions for sustained export growth, with the industry indicating its readiness to target double-digit growth in 2026-27," it said.
It added that exporters were also informed about the opportunities arising from recent trade engagements with key partners, including the European Union and the United States.
"The discussion with the European Union was in the context of a USD 572.3 billion pharmaceuticals and medical devices market, while a bilateral trade arrangement with the United States can further improve market access and price competitiveness for Indian pharmaceutical companies," it added.
The ministry added that it will continue to engage with exporters, regulators, and Indian Missions abroad to ensure timely identification and resolution of issues, thereby supporting sustained growth in pharmaceutical exports in global markets.