PHARMA EXPORTS MAINTAIN GOOD MOMENTUM FOR MARCH AND FY24DATA
News: As per the Ministry of Commerce release, pharmaceutical exports grew ~13% YoY to US$ 2.8 billion for the month of March 2024. For FY24 exports grew ~10% YoY to US$ 27.9 billion.
Views: Exports to the US market which account for ~30% of the overall exports has grown ~15% (for the first 11 months) mainly on the back of niche launches and lower than expected price erosion in the base business. Exports to other geographies such as Latam and Europe have also been better compared to last year. We expect momentum to persist on the back of capacity expansions and new launches.
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