The Impact of War on the Indian Pharmaceutical Industry
The escalating conflicts between Israel and Hamas have raised concerns about the challenges that India could face in the pharmaceutical industry. Trades between India and Israel have become a matter of concern now. A probable disruption in the pharmaceutical industry might affect about $1 billion in trade between India and Israel and its neighboring countries.
The ongoing conflict between Israel and Hamas will not only impact the bilateral trade ties between India and Israel but also affect other countries such as the UAE, Bahrain, Qatar, Egypt, and Saudi Arabia. This is because the trade routes, including air and sea routes, are now under threat, which could lead to potential damage and shortages of medical aid if the war persists. While Israel is self-sufficient, the rest of the Middle East could suffer adverse effects of the conflict.
“This escalation could affect the approximately $1 billion trade, with countries like the UAE, Bahrain, Oman, Qatar (BOQ), and Egypt potentially feeling the repercussions. The Kingdom of Saudi Arabia (KSA), a crucial export market for Indian pharmaceutical companies, is also on the radar,” said Salil Kallianpur.
Companies like Sun Pharma could be affected as it is directly tied to Taro Pharmaceuticals, an Israeli-based company. Along with Dr Reddy, Lupin, Torrent, and Divi’s Lab are also on the verge of facing challenges. However, analysts and related managers view this from a different perspective, as it could create opportunities for greater demand. Despite many odds, the Indian pharmaceutical industry remains vigilant, and the disruption in the market chain, a positive ray of hope, is also anticipated. India is well-positioned to fill the gaps and meet demand in the adverse situation. Opportunities in adversity are how India could find new markets to fulfill the damage.
“In fact, the current war situation could lead to an increased demand for essential pharmaceutical goods in Israel and further boost pharmaceutical ties between the two countries. On the other hand, there could also be a huge increase in medicine demand from the Palestinian territories too, which India could help fulfill,” said Nikkhil K. Masurkar, CEO, of Entod Pharmaceutical.
The ongoing conflict between Israel and Hamas has caused much anxiety. It is expected that the disruption in the supply chain will have an impact on the economy. One of the sectors that has seen an increase in exports recently is the Indian pharmaceutical industry. Since the pandemic began, India has made remarkable progress in the pharma sector. Additionally, India has assisted the world during its crisis and is willing to continue doing so in the future. Although the conflict may bring many uncertainties, Indian pharma companies are prepared to assist and stand together in this crisis. They are anticipating opportunities to provide aid, regardless of the crisis.
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