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

Octopus Energy Unveils Smart Home EV Charger to Slash Charging Costs

It follows a broader strategy by Octopus Energy to offer home energy hardware

Getty Images

Octopus Energy unveils first smart home EV charger to cut charging costs

Octopus Energy, the UK’s largest electricity supplier, has launched its first home electric vehicle (EV) charger, named Octopus Charge. The charger is designed to integrate with the company’s smart energy system to enable cost-effective and environmentally friendly charging.

Smart charging through Kraken platform

The new Octopus Charge device connects to the energy supplier’s proprietary Kraken platform, which automatically adjusts charging to coincide with times when electricity is cheapest and greenest. This enables EV owners to take advantage of lower rates and reduce their carbon footprint.

Keep ReadingShow less
Record-breaking data breach

The data is spread across 30 different datasets

iStock

Record-breaking data breach exposes 16 billion credentials, raising global cybersecurity concerns

A massive new cybersecurity report has revealed what experts are calling the largest data breach in history, involving over 16 billion login credentials. The records, uncovered by researchers at Cybernews, appear to come from a variety of sources and have raised alarm bells across the tech and cybersecurity industries.

Unprecedented scale of exposure

The data is spread across 30 different datasets, with individual troves containing between tens of millions and more than 3.5 billion credentials each. In total, the exposed records add up to 16 billion, a staggering number that equates to more than two credentials for every person on Earth.

Keep ReadingShow less
leaders discussed the new Defence Cooperation Accord between the UK and Bahrain,

The leaders discussed the new Defence Cooperation Accord between the UK and Bahrain, aimed at deepening joint military training and naval ties.

Crown Prince of Bahrain's website

UK and Bahrain strengthen defence and investment ties

PRIME MINISTER Keir Starmer met Crown Prince Salman bin Hamad Al Khalifa, prime minister of Bahrain, at Downing Street on Thursday.

A Downing Street spokesperson said the leaders discussed the UK-Bahrain relationship and welcomed the UK becoming a full member of the Comprehensive Security Integration and Prosperity Agreement (C-SIPA), a trilateral pact with Bahrain and the United States focused on regional security.

Keep ReadingShow less
Swiss banks

Funds held in customer accounts by Indian clients rose by 11 per cent in the year to 346 million Swiss francs (£3.14m) and accounted for about one-tenth of overall funds.

iStock

Indian funds in Swiss banks triple to £3.1bn in 2024

INDIAN money in Swiss banks more than trebled in 2024 to 3.5 billion Swiss francs (£3.1bn), attributed to a rise in funds held through local branches and other financial institutions, annual data released by Switzerland's central bank showed on Thursday (19).

However, funds held in customer accounts by Indian clients rose by 11 per cent in the year to 346 million Swiss francs (£3.14m) and accounted for about one-tenth of overall funds, the report showed.

Keep ReadingShow less
Bank of England

In a statement, the central bank pointed to a recent rise in energy prices, citing the 'escalation of the conflict in the Middle East' as a factor.

Getty Images

Bank of England holds interest rate at 4.25 per cent

THE BANK OF ENGLAND (BoE) kept its key interest rate at 4.25 per cent on Thursday, citing persistent inflation and rising risks from US tariffs and the conflict between Israel and Iran.

The decision, which was widely expected, came a day after the US Federal Reserve also left its interest rates unchanged, pointing to continued inflation and slowing growth in the United States.

Keep ReadingShow less