Government eases export curbs on 24 pharma ingredients, medicines, including vitamin B1 and B12

The government on Monday relaxed export curbs on 24 pharma ingredients and medicines, including vitamin B1 and B12, according to an official notification. But export restrictions on paracetamol and formulations made of paracetamol would remain, the notification by the Directorate General of Foreign Trade stated.

On March 3, the Directorate General of Foreign Trade (DGFT), under the commerce ministry, had imposed export restrictions on 26 active pharmaceutical ingredients (APIs) and formulations, under which exporter has to obtain a licence or permission from the DGFT.

Easing of curbs on 24 APIs and its formulations assumed significance as certain pharma companies have raised concerns over these restrictions.

"24 APIs and formulations made from these APIs are made free for export with immediate effect," the DGFT said. With this, export of these items is allowed freely without any restrictions.

Earlier, there were no restrictions on outbound shipments of these products. APIs are raw material for pharmaceuticals.

India has exported APIs worth about USD 225 million last year.

The country's API imports stood at around USD 3.5 billion per year. Out of this, about USD 2.5 billion is from China.

Watch Zee Business live TV below:

Besides Vitamin B1, B6 and B12, the other APIs and formulations over which the export restrictions have been eased include tinidazole, metronidazole, acyclovir, progesterone, chloramphenicol, ornidazole, formulations made of chloramphenicol, formulations made of clindamycin salts, and formulations made of neomycin.

The APIs and formulations included common antibiotics and vitamins.