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Indian pharma companies may be impacted if coronavirus outbreak persists: IDMA chairman
Indian pharma companies dependent on Chinese exports are likely to be impacted if the situation in the neighbouring country following the novel coronavirus outbreak persists for one or two months.
Ahmedabad: Indian pharma companies dependent on Chinese exports are likely to be impacted if the situation in the neighbouring country following the novel coronavirus outbreak persists for one or two months.
Viranchi Shah, Chairman, Indian Drug Manufacturers' Association (IDMA), Gujarat said that there is no immediate short-term impact, but this may change if the epidemic drags on.
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"As a country, we were very dependent on China as far as APIs (Active Pharmaceutical Ingredients) are concerned. There was New Year vacation there, right before coronavirus situation began there," Shah told ANI.
"Several industries had already imported APIs beforehand. But if the low imports continue for another month or two, then there can be an impact. But there is no immediate short-term impact," he said.
Shah also said that the Indian government should form policies to develop industries in the country to reduce dependency on China.
"As a nation, we should form policies to develop these industries quickly. So that we can deal with a situation like this in the future.
Both domestic or export markets will be impacted if the products come from Hubei province. Materials have started coming to India from various other provinces of China," he added.
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"Indian pharmaceutical industry is the pharmacy of the world. We provide medicines supply to around 200 countries. Our highest exports go to highly developed countries like the UK and the US. We provide quality and affordable medicines. Yes, prices have gone up by a bit," he said.
He further said: "One-third of India's production comes from Gujarat. Around 250 companies are working directly or indirectly in research and development. Some companies are working on medicines for coronavirus."
Globally, deaths due to Covid-19 have crossed 3,000. The deadly virus, that originated in China late last year, continues to spread around the world and has infected more than 90,000 people. (ANI)