India’s pharmaceutical exports remained on a growth track in the last financial year despite global headwinds, crossing $28 billion during April–February FY26, while industry leaders said the sector is on course to nearly double in size to $130 billion by 2030.Speaking at the inaugural session of the ‘Chintan Shivir: Scaling Up Pharma Exports’ on Saturday, K Raja Bhanu, director general of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), said pharma exports stood at $28.29 billion in April–February FY26, marking a 5.6 per cent increase over the same period of FY25.“Despite global challenges, pharmaceutical exports have been among the few sectors to maintain growth momentum. Exports during April–February FY26 stood at $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,” Bhanu said.Bhanu said the Indian pharmaceutical sector, currently valued at around $60 billion, is projected to grow to $130 billion by 2030. He added that pharma exports reached $30.47 billion in FY2024–25, recording a 9.4 per cent year-on-year growth despite global pricing pressures and trade volatility.He said Pharmexcil is targeting $65 billion in exports by 2030, backed by policy prioritisation, diversification beyond traditional markets, higher FDI inflows and faster regulatory clearances.India currently ranks third globally in pharmaceutical production by volume, with shipments reaching more than 200 markets, he said. Bhanu also noted that over 60 per cent of India’s pharma exports go to highly regulated markets, highlighting the sector’s quality and compliance standards.According to him, the United States accounts for 34 per cent of India’s pharmaceutical exports, followed by Europe at 19 per cent.Commerce secretary Rajesh Agrawal said the sector is likely to stay on a positive trajectory even if export targets prove difficult to meet in dollar terms, given the weakening rupee.“The target we have set appears difficult to meet, but we will remain on a positive trajectory,” Agrawal said.He added that regardless of whether targets are achieved in dollar terms, export growth would still reflect positively in rupee terms as the Indian currency continues to weaken against the US dollar.Pharmexcil chairman Namit Joshi said India is likely to end the current financial year at levels comparable to FY25, while flagging the effect of front-loaded US buying.“That is why we expect to end up close to last year’s performance, with some growth coming from that,” Joshi said.Joshi said tariff-related issues in 2025 led to higher procurement of medicines worth $1.6 billion in the US, above normal levels, and that this is expected to influence FY26 numbers.
US tariff backdrop may shape future outlook
While the immediate focus remains on export resilience, the external environment—especially in the US, India’s biggest pharma market—could become a key variable going forward.The US has announced a fresh tariff framework targeting patented drugs and certain high-value pharmaceutical ingredients manufactured outside America, with duties of up to 100 per cent set to take effect between August and September 2026 after a transition period.However, the near-term hit to India may be limited because generic medicines are currently exempt, and about 90 per cent of India’s pharmaceutical exports to the US are generics, as per a GTRI report. The report said India exported $9.7 billion worth of pharmaceuticals to the US in 2025, accounting for 38 per cent of its global pharma exports of $25.8 billion.
