The Recent Coronavirus (COVID-19) Pandemic: A Review of Issues for Indian Pharmaceutical Exports

Abstract

The world today is facing a major challenge in adjusting to the adverse effects of the Coronavirus (COVID-19) spread. Meeting the demand for several key drugs and preventive medical supplies has emerged as major concern in many countries. India has over the years consolidated its position as a major producer and exporter of not only bulk drugs and formulations but also other medical provisions and equipment. The present commentary makes an attempt to understand the possible trade opportunities for India’s pharmaceutical sector in light of the recent export policy interventions. An analysis of the recent export policy adjustments reflects the evolving attitude of the country towards domestic risk perception and commitment to support other countries. The trade opportunities for India are analysed next with the help of select trade indices, and it appears that there is significant scope for enhancing India’s global competitiveness in several product groups. The evolving trends have then been judged by exploring their plausible implications from a theoretical standpoint. It has been concluded that in order to meet the growing world demands for these products, India needs to enhance productivity of the upstream segments through a rigorous policy framework. JEL: F10, F13, I18