India’s Pharma Exports Hit Record $31B Despite US Decline

India’s pharmaceutical exports touched a record $31.12 billion in FY26, but growth slowed to 2.1% YoY as shipments to the United States fell nearly 10%. Weakness in North America, West Asia, and North Africa weighed on overall performance. However, diversification into emerging markets such as Brazil, Nigeria, Mexico, and parts of Europe helped sustain momentum, underscoring India’s evolving role in global pharma supply chains. Export Mix (FY26) Drugs formulations & biologicals: 74.2% Bulk drugs & intermediates: 16.2% Vaccines: 5.0% Surgicals: 2.6% Ayush & herbals: 2.1% Top Destinations (FY26) USA: $9.46B (–9.98% YoY), 30.4% share. Brazil: $916M (+17.7% YoY), 2.9% share. UK: $903M (–1.2% YoY), 2.9% share. France: $785M (+9% YoY), 2.5% share. Netherlands: $756M (+22.6% YoY), 2.4% share. Industry Commentary Pharmexcil (Namit Joshi): US decline is cyclical; diversification into new geographies is critical. Primus Partners (Nilaya Varma): Emerging markets are absorbing supply, helping offset North American weakness. Trend: India’s pharma exports are increasingly balanced, with Europe and Latin America gaining share. Imports (FY26) Rose 7.9% to $9.62 billion, reflecting higher input costs and raw material dependence. Conclusion India’s pharma exports in FY26 highlight a mixed picture: record overall value but slowing growth due to US weakness. The shift toward emerging markets like Brazil and Europe is cushioning the impact, while product diversification (formulations, vaccines, biologics) remains strong. Sustained momentum will depend on stabilizing US demand and deepening penetration in new geographies.