Cost of raw materials for drugs soar in India
The drastic increase in prices of key active pharmaceutical ingredients (APIs) from 11% to 51% and excipients from 11% to 61% over the past one month has got Indian pharmaceutical industry associations seeking an urgent redressal from the Department of Pharmaceuticals. Factory shutdowns and production cuts in China have been termed the main culprit.
The power crisis in China threw the Indian pharma market off-gear, leading to soaring API prices. Exacerbating the problem was the hoarding of key APIs like paracetamol and azithromycin by certain traders, which hampered India's pharmaceutical industry business.
Indian players roughly import 66%-70% of their bulk drug requirements from China.
The price increase has had a cascading effect on the viability of the pharmaceutical business, said an official, adding the unviability could soon lead to stock-outs and shortages even for important formulations.
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