New Delhi, Aug 12 The tariff war between India and the United States continues to escalate, with the U.S. proposing a 50 pc tariff on Indian goods. But how will this impact India’s pharmaceutical sector? Former Director General of the Indian Council of Medical Research (ICMR), Dr. N.K. Ganguly shared his perspective with IANS.
Dr. Ganguly stated, "India’s pharmaceutical sector supplies nearly 80 per cent of the world’s generic medicines. India follows a pricing policy for drug manufacturing, which keeps medicine prices low. Doctors in India are encouraged to prescribe generic drugs, and several government schemes help ensure affordable access to medicines. Medicines can also be ordered online, and under the Pradhan Mantri Janaushadhi Yojana, they are available at reduced prices."
He further explained that life-saving drugs - such as those used to treat cancer and HIV - are manufactured in India, and tariffs on these medicines have been reduced. This makes it easier for countries in need to access them at affordable prices.
Addressing the ongoing tariff war, Dr. Ganguly said, "If any country increases tariffs, it doesn’t really benefit them - in fact, it causes them harm. India is a country that not only supplies affordable medicines but also imports them. In contrast, drug prices are significantly higher in regions like Europe and North America."
He also pointed out that few countries apart from India manufacture such medicines. Many nations don’t even produce generic drugs, as they require manpower, factories, and infrastructure, all of which are far more expensive abroad. As a result, these countries rely on imports of generic drugs.
Dr. Ganguly concluded by saying that the proposed U.S. tariffs won’t harm India.
"The real impact will be felt by the countries imposing the tariffs. India provides the most affordable medicines and is the largest producer globally. So, the country imposing higher tariffs will end up hurting its own citizens, who will have to pay more for essential medicines. India, on the other hand, will not be adversely affected," he said.
--IANS
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