The Trump effect: How Indian pharma’s ‘beyond US’ bet is finally paying off

Indian pharma exporters had for several months faced the rhetoric and threats from the Trump administration to impose tariffs on low-cost Indian generics sold in that market. No tariffs have been imposed till date. However, Indian pharma exporters have aggressively expanded sales in Europe, Africa and Latin America with acquisitions and new product launches in these markets. The above strategy of diversification is showing signs of visibility in the September 2025 quarter results of Indian pharma exporters.