Skip to content
Search

Latest Stories

India curbs drug exports as coronavirus fears grow

INDIA, the world's main supplier of generic drugs, has restricted the export of 26 pharmaceutical ingredients and the medicines made from them, including Paracetamol, a common pain reliever also sold as acetaminophen, as the coronavirus outbreak plays havoc with supply chains.

The Indian government urged calm and said there were enough stocks to manufacture formulations for two-to-three months.


The government's list of 26 active pharmaceutical ingredients (APIs) and medicines accounts for 10 per cent of all Indian pharmaceutical exports and includes several antibiotics, such as tinidazole and erythromycin, the hormone progesterone and Vitamin B12.

It was unclear how the restriction would impact the availability of these medicines in the countries that import from India and also depend on China.

In the US, for instance, Indian imports accounted for 24 per cent of medicines and 31 per cent of medicine ingredients in 2018, according to the US Food and Drug Administration.

FDA Commissioner Stephen Hahn told US senators on Tuesday (3) that the agency is working to determine how the restrictions will affect the US medical supply and the effect on essential medicines.

The FDA last week announced the first coronavirus-related drug shortage in the US but declined to name the drug in question. Hahn said on Tuesday that drug was in shortage because of a lack of materials needed to make the API.

Indian drugmakers rely on China, the source of the virus outbreak, for almost 70 per cent of the APIs for their medicines. Industry experts say they are likely to face shortages if the epidemic drags on.

"Export of specified APIs and formulations made from these APIs... is hereby 'restricted' with immediate effect and till further orders," the Director General of Foreign Trade said in a statement on Tuesday, without explaining the extent of the restrictions.

"Irrespective of the ban, some of these molecules may face shortages for the next couple of months," Dinesh Dua, chairman of the Pharmaceuticals Export Promotion Council of India, told. The council falls under the federal commerce ministry.

"If coronavirus is not contained, then in that case there could be acute shortages," Dua said.

In a statement, the Indian federal government said state authorities had been asked to monitor the production and availability of APIs and formulations to prevent black marketing and hoarding.

US drugmakers have said they are monitoring their supply chains and Mylan NV warned last week that there could be drug shortages. Eli Lilly and Co said on Tuesday it does not expect the coronavirus outbreak to result in shortages for any of its therapies, including insulin products.

Separately, the Indian government said on Tuesday it had detected "high viral load" in six people who had been in contact with a patient who contracted the virus in New Delhi, the capital.

The patient in New Delhi was being monitored and was stable, the government said.

The six people have been kept in isolation and their samples are being sent to India's National Institute of Virology for confirmation, the government said in a statement.

Prime minister Narendra Modi sought to quell public fears. "There is no need to panic," he said in a tweet.

"Had an extensive review regarding preparedness on the COVID-19 Novel Coronavirus. Different ministries & states are working together, from screening people arriving in India to providing prompt medical attention," he added.

(Reuters)

More For You

Piyush Goyal

Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)

Getty Images

Trade talks with US moving forward positively, says Indian minister Goyal

INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.

He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.

Keep ReadingShow less
Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)
Getty Images

Economy shows no growth in July amid political turbulence

UK's ECONOMY showed no growth in July, according to official data released on Friday, adding to a difficult week for prime minister Keir Starmer’s government.

The Office for National Statistics (ONS) said gross domestic product was flat in July, following a 0.4 per cent rise in June.

Keep ReadingShow less
India’s IT sector

India’s $283 billion IT industry, which contributes more than 7 per cent to the country’s GDP, has for over three decades provided services to major clients including Apple, American Express, Cisco, Citigroup, FedEx and Home Depot.

iStock

India’s IT sector faces uncertainty as US proposes 25 per cent outsourcing tax

INDIA’s IT sector is facing uncertainty as US lawmakers consider a 25 per cent tax on companies using foreign outsourcing services.

Analysts and lawyers said the proposal has led to customers delaying or re-negotiating contracts, raising concerns in India, the world’s largest outsourcing hub.

Keep ReadingShow less
Rachel Reeves

'Our economy isn't broken, but it does feel stuck,' Reeves said, speaking alongside the release of a finance ministry report on business property taxation, known as rates.

Getty Images

Reeves signals possible changes to business property taxes ahead of budget

CHANCELLOR Rachel Reeves said on Thursday she is considering changes to business property taxes to support small firms looking to expand, as part of her plans to boost growth.

Reeves’ comments come ahead of her annual budget on November 26, at a time when concerns about possible tax rises and inflation are weighing on businesses and households.

Keep ReadingShow less