Business & Economy

India Overtakes West as Russia's Top Pharmaceutical Supplier

CC0 / / Medicine
Medicine - Sputnik India, 1920, 26.03.2024
Indian manufacturers increased their exports to Russia by 3% last year, delivering nearly 294 million boxes of medicines, as reported by RNC Pharma.
India has overtaken the West as the leading pharmaceutical supplier to Russia, Russian media reported on Monday, citing data compiled by RNC Pharma.

This surge in Indian pharmaceutical exports has replaced Germany, which was Russia's primary supplier in 2021 and 2022. Berlin reduced its supplies to Russia by almost 20% last year, down to 238.7 million packages.

The shift in pharmaceutical supply dynamics to Russia is partly attributed to the actions of Western pharmaceutical companies in response to the Ukraine conflict.
Many of these companies have halted non-essential operations and investments in Russia. Additionally, major international pharmaceutical producers such as Eli Lilly, Bayer, Pfizer, MSD, and Novartis have suspended new clinical trials in the country.
Indian pharmaceutical firms are broadening their business prospects in Russia, which includes ventures for joint production.

According to the Indian government, India possesses the world's third-largest pharmaceutical industry by volume and is often referred to as "the world’s pharmacy."

In 2023, Mumbai-based Oxford Laboratories significantly increased its shipments to Russia by 67% to reach 4.8 million boxes, as per the data. Their product range encompasses cardiovascular, erectile dysfunction, ophthalmic, and various other types of medications.

Ipca Laboratories, another prominent Indian pharmaceutical company specializing in generic drugs—medicines with identical components to those of a patented drug—boosted its exports by 58% to 13.7 million packages last year.

However, not all Western firms reduced their supplies to Moscow. France, Hungary, and Israel were among the major drug providers to Russia last year, with France increasing its exports by 7.6% to 149.4 million boxes, Hungary seeing an 11.6% rise to 112.5 million and Israel also experiencing an 11% increase, delivering 149.8 million boxes, RNC Pharma noted.
A glass flask filled with pills in a state crime lab in Utah - Sputnik India, 1920, 03.11.2023
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