India's Pharma & Medical Device Industry Gains Ground in Global Markets

In 2023, India solidified its position as the third-largest source of pharmaceutical imports to the US, trailing only Ireland and Switzerland.

India's pharmaceutical and medical device industry is making significant strides in key international markets, particularly in the United States, the United Kingdom, and Italy, as it continues to expand its footprint and gain market share from competitors.

This growth is highlighted by recent data analysis from the Ministry of Commerce and Industry, which underscores India's increasing influence in these critical markets.

India has emerged as a formidable player in the US pharmaceutical market, particularly in the category of medicines put up for retail sale.

In 2023, India solidified its position as the third-largest source of pharmaceutical imports to the US, trailing only Ireland and Switzerland. However, unlike its competitors, India was the only country among the top three suppliers to increase its market share during the year.

India’s exports of medicines to the US surged from $7.33 billion in 2022 to $9.08 billion in 2023. This growth propelled India’s market share from 10.08% to 13.1% within a year.

In contrast, Ireland and Switzerland, the top two exporters, saw their shares decline significantly. Ireland's share fell from 17.18% to 13.85%, while Switzerland’s share dropped from 17.4% to 13.7%.

Both countries experienced a sharp decrease in their sales to the US, with each now selling around $9 billion of medicines annually—a figure closely matched by India.

India's continued growth in this market suggests that it is well on its way to becoming the top exporter of medicines for retail sale in the US, a position that would mark a significant achievement for the country's pharmaceutical sector.

Expanding Presence in International Market

India is also making notable progress in the Italian market, particularly in the export of antibiotics. Ranked as the 10th largest exporter, India managed to nearly double its market share from 0.96% in 2022 to 2.12% in 2023.

In value terms, this translated to an increase in exports from $11.48 million to $23.34 million over the same period. This growth underscores India's expanding influence in a competitive European market, where establishing a foothold is often challenging.

In addition to its pharmaceutical success, India is gaining ground in the medical device sector, particularly in Germany's Magnetic Resonance Imaging (MRI) apparatus market.

In 2023, India increased its market share from 0.45% to 1.7%, with exports rising from $2.93 million to $13.02 million. While India is currently the sixth-largest exporter in this market, the United Kingdom remains the leader with exports totaling $460 million.

India’s growing competitiveness in these markets is reflective of the efforts made by the government to monitor and push for growth in various sectors.

The pharmaceutical and medical device industries have been identified as priority areas, receiving support through initiatives such as e the Production Linked Incentive (PLI) scheme.

Despite global challenges, India's pharmaceutical sector has shown resilience, with exports increasing consistently every month since January 2024.