Hindustantimes wants to start sending you push notifications. Click allow to subscribe

Prices of key pharma ingredients could rise if Covid-19 outbreak prolongs

New Delhi | ByPress Trust of India
Feb 18, 2020 08:52 PM IST

China accounted for 67.56 per cent of total imports of bulk drugs and drug intermediates at USD 2,405.42 million to India in 2018-19.

The prices of the key pharmaceutical ingredients could rise if the coronavirus situation in China does not improve soon, a top company official said on Tuesday.

China accounted for 67.56 per cent of total imports of bulk drugs and drug intermediates at USD 2,405.42 million to India in 2018-19.

Hindustan Times - your fastest source for breaking news! Read now.

“The prices of active pharmaceutical ingredients (APIs) could increase if the situation in China does not improve soon,” Zydus Group Chairman Pankaj Patel said.

Finance Minister Nirmala Sitharaman on Tuesday met the representatives of various sectors, including pharmaceuticals, textiles, chemicals, electronics and IT hardware, solar, auto, surgical equipments, and paints, to review the situation following the outbreak of the deadly virus in China.

She said the government will soon announce measures to deal with the impact of coronavirus outbreak on the domestic industry.

Find additional latest updates about novel coronavirus on our live blog.

Describing pharma, chemical and solar equipment sectors as worst affected, the finance minister said disruptions are visible in these due to delay in shipment.

“There are no concerns about price rise so far due to coronavirus,” she added.

She also said there were no reports of shortage of medicines or medical equipment, instead the pharmaceutical industry is asking for lifting of ban on exports of certain items.

The Department of Pharmaceuticals (DoP) has already constituted a high-level panel to assess the impact of the outbreak of the deadly virus in China on the supply of APIs in India.

According to official sources, Indian drugmakers have informed the high-level committee that they presently have stocks for the next two to three months.

There has been no supply from the neighbouring country for the last 20-25 days, mainly due to Chinese New Year holidays, sources said.

The prices of medicines are monitored by the government, and apart from the essential medicines whose prices are fixed by the government, the companies are allowed to hike prices of the remaining drugs by only up to 10 per cent in a year.

India has a high dependence on fermentation-based APIs/ intermediates namely antibiotics and vitamins. Companies have been maintaining 2-3 months inventory of these APIs and intermediates, Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain had earlier said.

India imports bulk drugs/APIs for producing medicines, including certain essential medicines, from China.

Unveiling 'Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Lok Sabha Election 2024 LIVE along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Start 14 Days Free Trial Subscribe Now
OPEN APP