India has become the third largest import source of medicine put up for retail sale in the United States, following Ireland and Switzerland, according to media reports citing Ministry of Commerce data.
As per reports, India’s medicine exports grew to $9 billion in 2023 from $7.33 billion in 2022.
India’s share in the overall market increased to 13.1 percent in 2023 from 10.08 percent in 2022 due to this surge in exports.
Ireland, the world’s largest exporter, fell to 13.85 percent in 2023 from 17.18 percent in 2022 as its sales in the US went down to $9.5 billion in 2023 from $12.5 billion in 2022, while the second biggest exporter, Switzerland, also declined to 13.7 percent last year from 17.4 percent in 2022, reports said.
India exported these MRI machines worth $13.02 million in 2023 from $2.93 million in 2022, media reports added.
India is the sixth largest exporter of MRI apparatus, whereas the United Kingdom is the largest exporter, with $460 million in exports, reports said. (IB)
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