Indian pharmaceutical export apex bodies including the Pharmaceutical Export Promotion Council of India (Pharmexcil) are keeping a close tab on the evolving situation in Ukraine following the war with Russia to assess the impact it could have on the pharmaceutical exports from India.
“This is because Russia, Ukraine, and Uzbekistan are among the Commonwealth of Independent States (CIS) countries that have been on the top 30 destinations for the Indian pharmaceutical exports,” said Ravi Uday Bhaskar, director-general of Pharmexcil.
While it is too early to assess the likely adverse impact of the war on the Indian pharmaceutical exports to the CIS countries, Ukraine's situation is being closely monitored by the Indian authorities given its significance. “Ukraine saw a significant growth of 43.87% in pharmaceutical exports from India last fiscal (2020-21) at $181.56 million, up from $126.2 million in the previous fiscal (2019-20),” Uday Bhaskar told Moneycontrol.
The Indian pharmaceutical exports to the CIS countries saw a growth of 30.17% during the last fiscal at $1.17 billion, up from $905 million in 2019-20.
According to the Pharmexcil Director-General, pharmaceuticals are normally exempted in the global sanctions emanating from wars between nations but anticipated disruption in logistics could affect the movement of stocks.
“Russia is a key market for Indian pharmaceutical exports and it stood as the fourth-largest export destination for India during last fiscal ending March 2021 at $590.8 million, up from $552.41 million in 2019-20 and Russia currently accounts for 2.41% of Indian pharmaceutical exports to top 30 countries, which together amounted to $24.46 billion of Indian pharmaceutical exports last fiscal,” said Uday Bhaskar.
Uzbekistan, the third CIS country that figures in the top 30 destinations for the Indian pharmaceutical exports, saw a growth of 129.77% in Indian pharmaceutical exports at $181.56 million, up from $81.02 million in fiscal 2019-20.
For the nine months period of April-December 2021, Indian pharmaceutical exports to Russia stood at $476 million and to Ukraine at $114 million.
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