GoI lifts ban on Paracetamol API exports
On May 28, 2020, the Government of India lifted the ban on export of paracetamol Active Pharmaceutical Ingredients.
The removal of ban will now allow the export of pharmaceutical ingredients used for COVID-19 treatment. In order to achieve this, the GoI has amended Section 3 of Foreign Trade (Development and Regulation) act, 1992.
The Impose of Ban
The Government of India had earlier imposed export ban on over 26 pharma ingredients. This included paracetamol and hydroxychloroquine. This was done to avoid shortages inside the country during the outbreak of COVID-19. On April 6, 2020, the export ban on 24 APIs were lifted leaving out Paracetamol.
Supply of APIs to Europe
India is to supply 1000 tonnes of API (Active Pharmaceutical Ingredients) to Europe. Europe is the largest buyer of Paracetamol from India. Europe alone imports more than 12,000 tonnes of paracetamol annually.
Paracetamol is a pain reliever. It was first made in 1877. It is placed in the Essential Medicine List of World Health Organization.
In 2018-19, India exported 5.8 billion USD worth paracetamol. The export of paracetamol in 2019-20 (till January 2020) was 5.41 billion USD.
Month: Current Affairs - May, 2020
Category: India Nation & States Current Affairs