With the government focusing on boosting domestic manufacturing of pharmaceutical products, India's medicine and antibiotics exports have started gaining significant market share in the US.
According to the commerce ministry data, India is the third largest import source of 'medicine put up for retail sale' for the US. The top two are Ireland and Switzerland.
In 2023, the country exported these medicines worth USD 9 billion as against 7.33 billion in 2022.
With this increase in the shipments, India's share went up to 13.1 per cent in 2023 from 10.08 per cent in 2022. Share of the top exporter Ireland fell to 13.85 per cent in 2023 from 17.18 per cent in 2022 because its sales in the US went down to USD 9.5 billion in 2023 from USD 12.5 billion in 2022.
The second biggest exporter Switzerland also saw its share decline to 13.7 per cent last year from 17.4 per cent in 2022.
Similarly, India has increased its share among exporters of antibiotics in the Italian market.
