India's Pharma and Meditech Exports Defy Global Slowdown

India's pharmaceutical and meditech export sectors are maintaining growth amidst a global economic slowdown. The country is developing 16 blockbuster molecules for various therapeutic areas, supported by government initiatives. These exports have become the fourth-largest merchandise export item for India, indicating strong global demand.

India's pharmaceutical and meditech export sectors are demonstrating resilience, continuing their growth path despite a global economic slowdown. A top government official highlighted this development during the CII Pharma and Life Sciences summit.

The Secretary of the Department of Pharmaceuticals, Arunish Chawla, emphasized the government's backing for drug development, noting the pipeline of 16 blockbuster molecules targeting conditions such as cancer, diabetes, HIV, and tuberculosis. These efforts underscore India's commitment to enhancing its status as a global leader in pharma exports.

Chawla reported that in just the first four months of the year, pharma and meditech exports emerged as the fourth-largest merchandise export for the country. This milestone reflects the industry's robust growth, driven by advancements in consumables, surgical equipment, and diagnostic tools.

(With inputs from agencies.)