Published 06:21 IST, March 5th 2020
Europe 'panicking' after India curbs pharmaceutical export: Industry insider
India is one of the main supplier of generic drugs to Europe and the US and the government's recent decision to curb some drug export has caused panic
India is one of the chief suppliers of generic drugs to Europe and the United States and the government's recent decision to curb the export of certain drugs has caused panic in the western markets. According to reports, India supplies around 26 pharmaceutical ingredients to Europe and the United States and the recent curb by the government amid coronavirus outbreak in the country has caused panic in foreign markets and may 'severely impact' the sector, said one of the members of India's top pharmaceuticals export group.
Europe panicking
Directorate General of Foreign Trade (DGFT) on March 3 issued a notice to all member companies of Pharmaceuticals Export Promotion Council of India, where it notified them about the recent amendment in export policy of APIs and formulation made from APIs restricting the export of some products. The notice by DGFT read, "Member companies are requested to take note that the following products have been kept under the “Restricted” category. Companies whose supplies are for shipment at ports and products meant for export markets may suitably apply for the license online."
As per reports, Dinesh Dua, chairman of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), said that India's list of restricted medicines account for 10% of its total pharmaceutical exports and includes several antibiotics, as well as Paracetamol, a common pain reliever also sold as acetaminophen. Dua further added that he is getting a huge number of calls from Europe over the recent curbs by the government and said that they are panicking.
Dua also said that there are currently $10 million worth of drugs at Indian ports waiting or ready for export. Indian government put on the restrictions on export because it says that there are not enough stocks to manufacture formulations for two to three months. India is also suffering because China, from where it gets most of the APIs to manufacture medicines, is battling with coronavirus.
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Updated 06:21 IST, March 5th 2020