The India-Italy pharmaceutical trade corridor has experienced significant growth over the past two decades. Between 1991 and 2011, bilateral trade expanded twelvefold, from EUR 708 million to EUR 8.5 billion. This surge was driven by India's burgeoning pharmaceutical sector, which became a major global supplier of generic medicines. In 2024, India's pharmaceutical exports to Italy were valued at $63.51 million, reflecting a steady upward trajectory.
Key milestones in this relationship include the signing of a Memorandum of Understanding (MoU) on November 29, 2017, aimed at enhancing cooperation in the health sector. This agreement focused on pooling technical, financial, and human resources to upgrade medical infrastructure, education, and research in both countries. Additionally, the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement, signed on March 10, 2024, is set to enter into force on October 1, 2025. This agreement is expected to further strengthen trade relations, including in the pharmaceutical sector.