India’s pharma exports cross $28 bn till February, likely to end up with growth in rupee terms in FY26

Rajesh Agrawal, Secretary in the Department of Commerce, said that irrespective of whether targets are met in dollar terms, exports would show growth in rupee terms as the Indian currency continues to weaken against the U.S. dollar

India’s pharmaceutical exports stood at over $28 billion up to February in the last financial year, registering a growth of more than 5% compared to the same period last year, a top official said on Saturday (April 4, 2026).

K. Raja Bhanu, director general of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), said the sector, currently valued at around $60 billion, is projected to grow to $130 billion by 2030.

“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% compared to the same period in FY25, led by formulations, biologicals, vaccines and AYUSH products,” he said, addressing the inaugural session of the ‘Chintan Shivir: Scaling Up Pharma Exports’.

Rajesh Agrawal, Secretary in the Department of Commerce, said that irrespective of whether targets are met in dollar terms, exports would show growth in rupee terms as the Indian currency continues to weaken against the U.S. dollar.

“The target we have set appears difficult to meet, but we will remain on a positive trajectory,” Mr. Agrawal said.

Mr. Bhanu added that exports reached $30.47 billion in FY24–25, marking a year-on-year growth of 9.4% despite global pricing pressures and trade volatility.

Pharmexcil chairman Namit Joshi said India is likely to end the current financial year at levels similar to FY25.

Looking ahead, Bhanu said Pharmexcil aims to achieve $65 billion in exports by 2030 through policy prioritisation, market diversification beyond traditional geographies, increased FDI inflows and improved regulatory efficiency.

India ranks third globally in pharmaceutical production by volume, with exports reaching over 200 markets worldwide, he said.

Notably, more than 60% of India’s pharmaceutical exports are directed towards highly regulated markets, underscoring the industry’s quality and compliance standards.

The United States accounts for 34% of exports, followed by Europe at 19%, he added.

Joshi said tariff-related issues in 2025 led to higher procurement of medicines worth $1.6 billion in the U.S., above normal levels, which is expected to impact FY26 figures.

“That is why we expect to end up close to last year’s performance, with some growth coming from that,” he said.

He added that exact figures would be available only after the March data is released.