India's Pharma & Medical Devices Manufacturing Surge in Global Markets

India's pharmaceutical and medical devices manufacturing is gaining market share globally, with significant exports to the US, Italy, and Germany. Government initiatives and Production Linked Incentive (PLI) schemes are driving this growth. Exports include medicines, antibiotics, and MRI machines, showcasing India's increasing competitiveness in these sectors.

India's pharmaceutical and medical devices manufacturing sector is witnessing substantial growth in global markets. Recent data from the commerce ministry reveals that India's medicine and antibiotics exports are becoming increasingly significant in the US market.

The country is now the third largest source of 'medicine put up for retail sale' in the US, trailing behind Ireland and Switzerland. In 2023, India exported medicines worth USD 9 billion, up from USD 7.33 billion in 2022, increasing its market share to 13.1 per cent.

India is also enhancing its presence in other markets. For instance, India's antibiotics exports to Italy nearly doubled, while exports of MRI machines to Germany saw a significant rise. The government's focus on domestic manufacturing and the Production Linked Incentive (PLI) scheme have been pivotal in driving this growth.

(With inputs from agencies.)