The coronavirus outbreak is giving industry the jitters, especially sectors dependent on Chinese imports such as consumer electronics, automobiles and pharmaceuticals.
Prices of active pharmaceutical ingredients (APIs) for antibiotics and anti-inflammatory drugs have skyrocketed, and mobile handsets and consumer electronics could be next.
An important supplier of generic drugs to the world, Indian companies procure almost 70% of the active pharmaceutical ingredients (APIs) for their medicines from China.
India’s generic drugmakers say they currently have enough API supplies from China to cover their operations for up to about three months.
While, Sun Pharmaceuticals Industries Ltd said it has sufficient inventory of API and raw materials for the short term and has not seen any major disruption in supplies at the moment.
The Indian drugmaker, however, said supply has been impacted for a few API products and the company is closely monitoring the situation. It did not identify the products.