A billion-dollar destination for Indian pharma exports
In FY15, pharmaceutical exports from India to Latin America crossed the billion-dollar milestone, reaching $1,063 million. Within the region, Brazil is the largest destination for Indian pharma exports with $374 million, followed by Venezuela ($146 million), Mexico ($126 million), Colombia ($67 million), Chile ($56 million), Peru ($49 million), Argentina ($41 million), Dominican Republic ($27.6 million), Guatemala ($27.1 million) and Haiti ($26.9 million).
In fact, pharma exports constituted 7.7% of India’s total exports of $13.7 billion to Latin America in 2014-15. The region also accounted for 7% of India’s global pharma exports of $15.3 billion in 2014-15. In addition, pharma exports to Latin America have increased by 12% from $949 million in 2013-14, even though India’s global exports have shown only a marginal increase of 2.6%.
In the past, India exported more bulk drugs (raw materials and intermediates) and less finished formulations to Latin America, but this trend has reversed since 2012-13. Of the total of $1,063 million, the value of formulations stood at $680 million and that of bulk drugs $350 million.
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