Due to India’s strong focus on providing cheap and best medicines to over 200 countries, it has gained the name pharmacy of the world. The export of pharmaceuticals from India towards various world markets continues to flourish with such a great manufacturing base and competitive pricing. In this blog, we highlight India’s pharmaceutical exports for 2023-2024, along with the top importing countries, key buyers & suppliers, major products exported and issues facing trade globally, including relevant HSN codes.
India’s Pharmaceutical Exports in 2023-24 – Key Highlights
According to global import-export data providers, India’s pharmaceutical exports reached $27-28 billion in FY 2023-24, reinforcing its position as the largest supplier of generic medicines. The sector contributes nearly 20% of global generic drug volume and 60% of global vaccines.
Top Pharmaceutical Products Exported from India
- Generic Medicines (60% of total exports)
- Vaccines (Covishield, Hepatitis B, DPT)
- Biosimilars & Biologics (Growing segment)
- Active Pharmaceutical Ingredients (APIs)
- Over-the-Counter (OTC) Drugs
Top 5 Countries Importing Indian Pharmaceuticals (2023-24)
India exports pharmaceuticals to North America, Europe, Africa, and Asia. The top 5 importing countries are:
| Rank | Country | Key Imports |
| 1 | United States | Generics, Biosimilars, APIs |
| 2 | United Kingdom | Vaccines, Oncology Drugs |
| 3 | South Africa | Anti-retrovirals (ARVs), Anti-malarials |
| 4 | Russia | Antibiotics, Cardiovascular Drugs |
| 5 | Brazil | Diabetes & Hypertension Medicines |
Top 5 Buyers & Suppliers in India’s Pharma Trade
Top 5 Global Buyers (Importers) of Indian Pharma Products
- Pfizer (USA) – Major importer of generics & APIs
- Novartis (Switzerland) – Oncology & specialty medicines
- GlaxoSmithKline (UK) – Vaccines & antibiotics
- Sanofi (France) – Diabetes & cardiovascular drugs
- Johnson & Johnson (USA) – OTC & biologics
Top 5 Indian Pharmaceutical Exporters (Suppliers)
- Sun Pharmaceutical Industries Ltd – Largest Indian pharma exporter
- Dr. Reddy’s Laboratories – Strong in generics & biosimilars
- Cipla Ltd – Leading in ARVs & respiratory drugs
- Aurobindo Pharma – Major API & formulation supplier
- Lupin Ltd – Key player in US & European markets
HSN Codes for Pharmaceutical Exports
Indian pharma exports fall under the following Harmonized System Nomenclature (HSN) codes:
| HSN Code | Product Category |
| 3003 | Medicaments (tablets, capsules, syrups) |
| 3004 | Mixed or unmixed drugs for therapeutic use |
| 3002 | Vaccines, blood fractions, & immunological products |
| 2941 | Antibiotics & derivatives |
Global Trade Challenges for Indian Pharma Exports
Despite strong growth, Indian pharma exporters face several challenges:
✔ Strict Regulatory Compliance – US FDA, EMA, and WHO audits
✔ Supply Chain Disruptions – Red Sea crisis & shipping delays
✔ Price Control Policies – EU & African nations imposing price caps
✔ Intellectual Property (IP) Issues – Patent litigations in the US & Europe
✔ Competition from China – Rising API exports from China
Conclusion: India’s Pharma Exports Remain Strong
India continues to be a global leader in pharmaceutical exports, driven by cost-effective generics, high-quality manufacturing, and strong R&D. With increasing demand from the US, Europe, and Africa, the sector is expected to grow further.
For businesses looking to explore pharma trade opportunities, leveraging global trade data from import-export trade data providers can help in market analysis, competitor tracking, and supply chain optimization.
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