India's pharmaceutical exports are expected to achieve a new high of $32 billion this fiscal year, as stated by Namit Joshi, chairman of the Pharmaceuticals Export Promotion Council of India (Pharmexcil). This growth is largely attributed to formulations, especially in markets like Europe, Africa, and Latin America. Despite facing challenges in the US market and increased global scrutiny over quality, the industry has demonstrated resilience. The first half of FY26 saw a 6.46% year-on-year growth, indicating strong demand and stabilizing global supply chains. Key regions contributing to this growth include Nafta, Europe, and Africa, with the latter two showing significant increases in import volumes. The current trend remains formulation-led, with a positive outlook for the fiscal year ahead.