Hyderabad, Apr 4 (PTI) India’s pharmaceutical exports stood at over USD 28 billion up to February in the last financial year, registering a growth of more than 5 per cent compared to the same period last year, a top official said on Saturday.

K Raja Bhanu, Director General of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), said the sector, currently valued at around USD 60 billion, is projected to grow to USD 130 billion by 2030.

"Despite global challenges, pharmaceutical exports have been among the few sectors to maintain growth momentum. Exports during April–February FY26 stood at USD 28.29 billion, reflecting a growth of 5.6 per cent compared to the same period in FY25, led by formulations, biologicals, vaccines and AYUSH products," he said, addressing the inaugural session of the 'Chintan Shivir: Scaling Up Pharma Exports'.

Rajesh Agrawal, Secretary in the Department of Commerce, said that irrespective of whether targets are met in dollar terms, exports would show growth in rupee terms as the Indian currency continues to weaken against the US dollar.

"The target we have set appears difficult to meet, but we will remain on a positive trajectory," Agrawal said.

Bhanu added that exports reached USD 30.47 billion in FY2024–25, marking a year-on-year growth of 9.4 per cent despite global pricing pressures and trade volatility.

Pharmexcil Chairman Namit Joshi said India is likely to end the current financial year at levels similar to FY25.

Looking ahead, Bhanu said Pharmexcil aims to achieve USD 65 billion in exports by 2030 through policy prioritisation, market diversification beyond traditional geographies, increased FDI inflows and improved regulatory efficiency.

India ranks third globally in pharmaceutical production by volume, with exports reaching over 200 markets worldwide, he said.

Notably, more than 60 per cent of India’s pharmaceutical exports are directed towards highly regulated markets, underscoring the industry's quality and compliance standards.

The United States accounts for 34 per cent of exports, followed by Europe at 19 per cent, he added.

Joshi said tariff-related issues in 2025 led to higher procurement of medicines worth USD 1.6 billion in the US, above normal levels, which is expected to impact FY26 figures.

“That is why we expect to end up close to last year’s performance, with some growth coming from that,” he said.

He added that exact figures would be available only after the March data is released. PTI GDK SSK

Pharmaceutical exports continue steady growth as India targets wider markets, stronger regulation and long-term expansion. India's pharmaceutical exports continued to grow, with exports up to February exceeding USD 28 billion and rising 5.6 per cent year-on-year, led by formulations, biologicals, vaccines and AYUSH products. Industry representatives said the sector is likely to end the financial year broadly in line with the previous year, despite global pricing pressure and trade volatility, while future growth is expected through policy prioritisation, market diversification, foreign direct investment and improved regulatory efficiency.