India’s pharma industry relies heavily on US market, with $8.07 bn worth of exports in FY 2023-2024. Pharmaceuticals are India’s third largest goods exported to US in dollar terms.
Researchers associated with The Ohio State University found that number of severe adverse events linked to generic drugs made in India was 54% higher than for those made in the US.
India & EFTA (Iceland, Liechtenstein, Norway and Switzerland) are negotiating Trade and Economic Partnership Agreement (TEPA) that is likely to be finalized within next few weeks.
Report by Organisation of Pharmaceutical Producers of India and Ernst & Young says growth could be propelled by expansion in the domestic market, spurred by India's economic growth.
Nearly 80 percent of small and medium drug manufacturing units in India do not follow good manufacturing practices (GMP) requirements, according to government estimates.
The Drugs, Medical Devices and Cosmetics Bill, 2023, is being planned as a substitute for the existing drug law, which was passed during the pre-Independence period.
Chemicals and Fertilisers Minister Mansukh Mandaviya says move will help India become self-reliant in manufacturing key drugs. Most raw materials were so far imported from China.
Indian refiners are testing Venezuelan barrels again as Russian supply sinks, but analysts say volumes will remain limited due to refinery constraints & supply capacity.
This is the game every nation is now learning to play. Some are finding new allies or seeing value among nations where they’d seen marginal interest. The starkest example is India & Europe.
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