China unlocks $15 billion market for Indian pharma with tariff cut
In what is being termed a major boost to India’s pharmaceutical export industry, China has announced the immediate removal of its 30% import duty on Indian pharmaceutical products.
The move is expected to unlock a $15 billion market for Indian drugmakers, as the Chinese policy shift is expected to redirect up to 30% of India’s US-bound pharma shipments toward China.
The announcement comes at a critical juncture for India’s $50 billion pharma export sector, which is battling a steep 100% tariff on branded and patented drug imports imposed by the USA.
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