Russia-Ukraine Crisis: The business of the Indian pharma industry from Ukraine grew faster than that of Russia. The pharma industry is now in a ‘wait and watch’ mode due to the fear of getting stuck in payments due to war.
Russia-Ukraine Crisis: A war has broken out between Russia and Ukraine. India has business relations with both the countries and the businessmen here export medicines. However, due to the ongoing war between Russia and Ukraine, the Indian pharma industry is in a ‘wait and watch’ mode. According to industry sources, the right time is still awaited for new orders from some countries of the CIS including Russia and Ukraine. The CIS (Commonwealth of Independent States) consists of countries separated from the Soviet Union. There are no restrictions on the export of medicines as of now, but the pharma industry is waiting for the situation to improve due to the fear of getting stuck due to the war. On the other hand, talking about Russia and Ukraine, the business of Indian pharma industry from Ukraine grew faster than Russia.
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Business increased more from Ukraine than from Russia
In FY 2021, India exported medicines worth $ 181 million (Rs 1369.19 crore) to Ukraine, which was 44 percent more than in FY 2020. On the other hand, in the financial year 2021, India exported medicines worth $ 591 million (Rs 4470.68 crore), which was 6.95 percent more than its previous financial year. These figures are from the Pharma Export Promotion Council of India (Pharmexcil) of the Commerce Department and according to this, the business of pharma industry from Ukraine grew faster than Russia.
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Pharma companies in ‘wait and watch’ mode for fear of payment stuck
An official of Dr Reddy’s Lab said that the situation is being monitored continuously and the first priority right now is to ensure the safety of our personnel in the area affected by the conflict between Russia and Ukraine. A company spokesperson said that they have a presence in the region for more than thirty years. Apart from meeting the needs of patients and continuing the business, he described the safety of his personnel as the top priority. An official of another pharma company informed that there is no restriction regarding the export of medicines but the situation is being monitored now. He said that payments from the affected areas should not be affected due to the war, due to which it is advisable to wait for some time.
(Input: PTI)
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