FY25 India pharma exports cross $30 billion, surge 31% in March

India's pharma exports hit $30 billion in FY25, driven by U.S. market growth and overcoming global challenges.

India’s annual drug and pharmaceutical exports touched a record $30 billion in FY25 bolstered by a 31% year-on-year surge in March.

At $30467.32 million, the exports were 9.39% higher than the $27851.70 million clocked in FY24, official trade data recently released showed.

Pharma exports touched $30 billion for the first time. FY25 target was $29.38 billion, Pharmaceuticals Export Promotion Council Director General Raja Bhanu said.

The March performance stood out in a fiscal that will be remembered for the developments in the mainstay U.S. market even as India continued with efforts to tap into and build on the initial gains from new markets. If a shortage of generic prescription drugs in the U.S. raised hopes initially in the fiscal year, toward the year-end, the reciprocal 26% tariff President Donald Trump threatened to introduce had exporters scramble to ship more. Pharma, however, did not figure in the list of goods for which the levy was announced and put on hold for 90 days.

Pharma exports in March rose 31.21% YoY to $3681.51 million ($2805.71 million). The next best performance during the fiscal came in January when the exports rose 21.47% to $2590.88 million ($2132.92 million). May was the other month when growth touched double digits (10.63% to $2305.56 million), while February was the only month when it contracted, 1.52% to $2474.22 million).

Beyond the U.S. factor, the FY25 exports came in the face of geopolitical tensions, economic slowdown and logistical challenges.

Granular details for March are awaited, Pharmexcil DG said. Data for April-February show drug formulations and biologicals as a product category led with $20118.18 million and accounted for more than 75% of the total exports. This category expanded by nearly 9% YoY.