The prices of the key pharmaceutical ingredients could rise if the coronavirus situation in China does not improve soon, a top company official has said.
China accounted for 67.56 per cent of total imports of bulk drugs and drug intermediates at $2,405.42 million to India in 2018-19.
“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 met the representatives of various sectors, including pharmaceuticals, textiles, chemicals, electronics and IT hardware, solar, auto, surgical equipment, 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.
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 currently 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 two to three months’ inventory of these APIs and intermediates, Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain had earlier said.