Indian Pharma industry is heavily dependent on China when it comes to APIs (active pharmaceutical ingredients). Due to the ongoing Coronavirus outbreak, China is unable to meet the demand for these API’s. Not just the Pharma industry, various other industries are also severely hit because of the outbreak.
IPA secretary general Sudarshan Jain said that India exports almost INR 17000 crore worth of ingredients each year from China.
It is being reported that ingredients that are present will last 2-3 months only and if the effects of outbreak continue other alternative markets for these API’s will have to be explored.
If the situation is still gloomy by March, the Indian Pharma industry will be forced to seek help from European Markets.
The situation is grim in China as the Coronavirus threat is looming large.