The pandemic-stricken supply disruptions and the extant geopolitical tensions have benefited Indian active pharmaceutical ingredient (API) players the most, claims the industry. As multinationals (MNCs) pursue a China Plus One strategy to derisk dependency on the world's second-biggest economy, Indian players are steadily emerging a clear favourite.
Says Siddharth Mittal, chief executive officer and managing director (MD) of Biocon, "Our customers want an alternative source, assuming Indian companies also offer at the same price. More and more customers are seeking a long-term derisk and shrugging off Chinese reliance. We are also taking steps to ensure we can lock in vendors who don't want to buy from China."
"From a development point of view, our APIs qualify, but commercialisation will take a while. We see a high single-digit growth in our API business," says Mittal. Likewise, Manish Dhanuka, MD, Orchid Pharma, says: "Bearing in mind the geopolitical situation, buyers from the West want to derisk their supply chain from China's and are looking towards India to fill this gap. Orchid has succeeded in developing customers who wanted to mitigate this risk."
Meanwhile, Chinese costs have been increasing, claims its local industry.
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