Russia-Ukraine crisis: Indian pharma exporters wait and watch

Amid the military offensive by Russia against Ukraine, Indian pharma exporters are in a wait and watch mode on dispatching fresh orders to Ukraine and some of the CIS countries.

India exported over $181 million worth of pharmaceutical goods to Ukraine in FY21, nearly a 44 per cent growth over the previous year while Russia contributed nearly $591 million last fiscal, with a growth of 6.95 per cent compared to a year before, according to Pharmaceuticals Export Promotion Council of India (Pharmexcil), a body under the Department of Commerce.

An official of Dr. Reddy’s Laboratories said that they are closely monitoring the developments and ensuring the well-being of their staff in that region is the first and foremost priority.

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“We have had a strong presence in the region for over three decades. Ensuring the well-being of our staff is the first and foremost priority, along with meeting patient needs and business continuity. We have been monitoring developments closely and preparing accordingly, and continue to do so,” a spokesperson of the company told PTI.

A senior official of a pharma company based out of the city said that they currently have orders on hand to be dispatched to some of the CIS countries, following the developments between Russia and Ukraine.

“As of now there are no restrictions on pharma exports to any these countries. However, we want to wait for some time to get more clarity on how the situation will turn out. Ultimately our payments from those countries should not be affected as result of war,” the official said, on condition of anonymity.

Also read: Putin announces military operation in Ukraine to ‘protect civilians’

Udaya Bhaskar, Director General of Pharmexcil, said that the pharma body has neither received any communication from the Centre on export nor from drug makers on the state of affairs.

(With inputs from Agencies)