India seeks to boost drug exports to semi regulated markets in Africa, Latin America, Southeast Asia
India is seeking to boost drugs exports to semi-regulated markets in Africa, Latin America, and Southeast Asia in a bid to reduce its reliance on the United States. The move is driven by concerns over potential U.S. tariff risks, officials from a government-backed trade body said on Thursday.
While Indian pharmaceutical exports are currently exempt from President Donald Trump's tariffs of up to 50%, growing uncertainty and tensions between the countries have kept the industry cautious, Reuters reported.
Referring to the U.S. tariffs, Pharmexcil Chairman Namit Joshi said, "It is a matter of concern for us."
The Pharmaceuticals Export Promotion Council of India (Pharmexcil) also plans to push for sales of finished goods to China to bridge the trade deficit, the officials said. The Indian industry imports more than 60% of its raw materials and active pharmaceutical ingredients from China.
In addition to targeting semi-regulated markets, India is also planning to boost its pharmaceutical exports to Russia, Brazil, and the Netherlands
