New Delhi, June 18 : India's pharmaceutical exports continue to register double-digit growth, reflecting the strong demand for the country's affordable generic medicines in global markets led by the USA and UK.

India's pharma exports grew by 10.45 per cent in May this year to touch the $2.3 billion mark compared with the $2.08 billion in the same month of the previous financial year.

'It is moving in a positive way and we are optimistic of sustaining growth of not less than 10 per cent,' Director General, Pharmaceuticals Export Promotion Council of India, Ravi Uday Bhaskar said on the quick estimate numbers released last week by the Centre.

India is now the world's third-largest drugmaker by volume amid the growing demand for the country's pharmaceutical products in export markets.

The US is a key market, which accounts for about 30 per cent of India's annual pharma exports after a nearly 16 per cent increase in fiscal 2024, according to Pharmexcil.

The country's drug shortages as well as the increased use of drugs for lifestyle diseases such as diabetes, hypertension and depression is expected to fuel the demand for India's affordably priced drugs, according to Bhaskar.

According to a report by India Ratings and Research, Indian drugmakers will sustain their revenue improvement in 2024-2025 due to drug shortages in the United States. India is a hub of bulk generic drug manufacturing and drugmakers including Dr Reddy's, Cipla, Sun Pharma derive a significant share of revenue from both the US and Europe.

The world's largest drug market is facing decade-high drug shortages, India Ratings said in a note citing data from with Utah Drug Information Service.

There is an active shortage of 233 drugs across 22 therapeutic categories as of April, led mainly by discontinuing production of some drugs, rising demand and delays in shipments, it said, also citing data from the US Food and Drug Administration.

/IANS