India’s pharmaceutical industry relies entirely on China. You hardly know that Indian pharmaceutical companies import from China 70 per cent of their requirement API. Following the conflict in the Galvan Valley, China has begun to raise the prices of certain goods. Because of which medicines prices can rise in India.
India’s pharmaceutical industry relies entirely on China. You hardly know that Indian pharmaceutical companies import from China 70 per cent of their requirement API. Following the conflict in the Galvan Valley, China has begun to raise the prices of certain goods. India ‘s dependence on China has grown so much that it is now mistakenly taking advantage of it.
So, India imported approximately 17,400 crore APIs from the country in 2019, per year it generates around $39 billion in medicine. India relies heavily on the country for APIs, which are the essential starting material for pharmaceutical preparations. Also, India imported almost 17,400 crores ($2.5 billion) of APIs from the country in FY 2019. India is the third-largest manufacturer of drugs in the world.
India Imports Goods from China
This serious situation has occurred because India is the world’s third-largest drug producer in terms of volume. India’s leading pharmaceutical firms including Doctor Reddy Lab, Lupine, Glenmark Farmama, Mylan, Zydus Cadila and Pfizer rely primarily on the country for APIs. India imports from China between 80 and 90 per cent of 53 critical farm APIs.
The country is doubly attacking Dinesh Dua, Chairman of the Ministry of Commerce and Industry’s Pharmaceutical Export Promotion Council, told ET that the country is targeting us in two ways in relation to the Galvan Valley incident. At the one side, it threatens the border and at the other, it has begun wrongly taking advantage of the dependency of India. The price of medicines has begun to rise in API prices.
The price of paracetamol rose by 27 per cent. He said paracetamol ‘s price had risen by 27%, ciprofloxacin by 20% and penicillin G by 20%. The price of all forms of pharmaceutical products has risen by around 20 per cent.