Pharmaceutical Goods Price in India - 2023

Pharmaceutical Goods Price in India (FOB) - 2022

The average pharmaceutical goods export price stood at $41,295 per ton in 2022, which is down by -26.7% against the previous year. Overall, export price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, pharmaceutical goods export price decreased by -42.2% against 2018 indices. The pace of growth appeared the most rapid in 2013 an increase of 46%. The export price peaked at $71,399 per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($84,071 per ton), while the average price for exports to Myanmar ($13,262 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ethiopia (+8.1%), while the prices for the other major destinations experienced more modest paces of growth.

Pharmaceutical Goods Price in India (CIF) - 2022

In 2022, the average pharmaceutical goods import price amounted to $59,286 per ton, which is down by -12.1% against the previous year. Overall, the import price saw a pronounced shrinkage. The pace of growth was the most pronounced in 2016 when the average import price increased by 14%. The import price peaked at $97,201 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($199,659 per ton), while the price for China ($33,455 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+16.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Pharmaceutical Goods Exports in India

In 2022, the amount of pharmaceutical goodses exported from India skyrocketed to 5.9K tons, growing by 37% on the year before. Over the period under review, total exports indicated a significant increase from 2019 to 2022: its volume increased at an average annual rate of +21.6% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +79.6% against 2019 indices. The pace of growth was the most pronounced in 2020 with an increase of 47%. The exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, pharmaceutical goods exports reached $243M in 2022. The total export value increased at an average annual rate of +4.6% over the period from 2019 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 when exports increased by 8.7% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Export of Pharmaceutical Goods in India (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	84.5	97.3	99.9	71.3	-5.5%
Spain	15.3	12.2	14.8	15.1	-0.4%
Ethiopia	5.0	5.6	8.6	10.2	26.8%
Russia	5.7	4.8	3.3	8.5	14.2%
Mexico	0.2	0.4	1.9	6.0	210.7%
Zimbabwe	5.0	6.4	1.2	5.3	2.0%
United Arab Emirates	1.4	1.0	0.8	5.2	54.9%
Canada	8.3	8.2	7.2	3.9	-22.3%
Kenya	1.6	2.8	2.5	3.9	34.6%
Cambodia	2.1	2.0	1.9	3.7	20.8%
Myanmar	12.7	15.1	8.0	2.9	-38.9%
Malawi	0.7	0.7	1.2	2.8	58.7%
Nepal	2.5	1.4	3.1	2.7	2.6%
Others	67.1	72.7	86.6	101	14.6%
Total	212	230	241	243	4.7%

Top Export Markets for Pharmaceutical Goods from India in 2022:

United States (1488.5 tons)
United Arab Emirates (360.7 tons)
Spain (245.4 tons)
Myanmar (217.0 tons)
Mexico (213.5 tons)
Zimbabwe (192.1 tons)
Ethiopia (168.8 tons)
Nepal (153.1 tons)
Cambodia (149.4 tons)
Kenya (133.8 tons)
Malawi (103.5 tons)
Canada (101.5 tons)
Russia (101.3 tons)

Pharmaceutical Goods Imports in India

Pharmaceutical goods imports into India soared to 2.5K tons in 2022, with an increase of 25% compared with the previous year's figure. Over the period under review, imports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of 95%. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, pharmaceutical goods imports amounted to $146M in 2022. In general, total imports indicated noticeable growth from 2019 to 2022: its value increased at an average annual rate of +4.7% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +90.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 73% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

Import of Pharmaceutical Goods in India (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	44.6	22.9	38.9	45.3	0.5%
Germany	8.6	6.6	12.0	15.6	22.0%
United States	16.5	8.6	23.4	14.8	-3.6%
Japan	7.7	4.7	8.7	10.5	10.9%
Ireland	3.3	2.5	3.9	6.3	24.1%
Netherlands	4.0	3.9	2.4	4.3	2.4%
Italy	2.7	0.9	2.4	3.5	9.0%
United Kingdom	1.1	1.0	2.8	3.5	47.1%
Singapore	1.5	1.4	2.3	3.3	30.1%
Hong Kong SAR	2.1	1.7	3.1	3.3	16.3%
Denmark	0.8	N/A	0.2	2.6	48.1%
Turkey	0.3	0.4	1.5	2.1	91.3%
Hungary	0.7	2.3	2.5	1.7	34.4%
Others	33.7	20.0	28.9	29.5	-4.3%
Total	128	77.0	133	146	4.5%