India restricts export of certain inputs for key medicines to counter shortage due to coronavirus
- DGFT restricted the export of 26 active pharmaceutical ingredients with immediate effect.
- China, the largest supplier of APIs in India, is currently under lockdown, making Indian firms worry about possible shortage.
AdvertisementIndian authorities’ restricted’ export of about 26 Active Pharmaceutical Ingredients (APIs) including antibiotics, vitamins and hormones, according to a directorate general of foreign trade(DGFT) notification. The step is taken as a measure to ensure that there is no shortage of drugs due to China lockdown.
The Active Pharmaceutical Ingredient (API) is an important part of furnished drug that produces the intended effects. China’s Hubei province is a major source of raw APIs, and due to the amid coronavirus outbreak, the province is one of the highly-affected regions in China.
“The Government of India is closely monitoring the supply of APIs/intermediates/Key starting materials (KSM) which are imported from China and effect of the outbreak of novel coronavirus in China on their supply. The move gained significance, as the government doesn’t want India to face disruptions,” a government official said.
The decision came after a government committee was formed to monitor the supply of raw materials for drugs from China, which recommended to restrict exports of 12 active pharmaceutical ingredients (APIs) and formulations, earlier.
China is the largest supplier of APIs in India and accounted for over 67% of India’s total imports of drugs.
SEE ALSO: Between BSVI and Coronavirus— Indian auto majors like Tata Motors and Mahindra see massive dents in car sales
Popular on BI
- Srinagar freezes at minus 4.8, season's lowest so far
- New Fund Offers explained – Should you bite the bullet or stick to the tried and tested?
- Bullish domestic markets push up Rupee to 83.37/USD
- No Monday blues: Sensex scales 70,000-peak for the first time; Nifty crosses 21,000-level
- Initial Public Offerings (IPOs)