The Federation of Indian Export Organizations (FIEO), an apex body of Indian export promotion organizations, has urged the government to provide freight support to all exports including pharmaceuticals till 31st March 2022, as freight rates have skyrocketed and are likely to somber by March 2022.
Over the past one year, there has been an exceptional rise in freight costs that has significantly affected the Indian pharmaceutical industry. The outward freight costs have risen by 14 percent. The cost of inward freight of imports has increased by 50 percent.
Besides this, the industry has been plagued by scarcity of empty containers. The shortage of containers has hit the export of pharmaceuticals from all ports to different countries.
FIEO president Dr A Sakthivel said though the government has announced a slew of measures to support exports, the need of the hour is to provide freight support to all exports till 31st March 2022 as freight rates have gone up significantly.
He further said augmenting the flow of empty containers and establishing a regulatory authority to seek justification of freight hike and imposition of various charges by the shipping lines need urgent intervention of the government.
Dr Sakthivel welcomed the steps taken by the government under the able and dynamic leadership of Prime Minister, Narendra Modi and the Union Finance Minister and the Union commerce & industry and textiles minister for showing confidence and trust on the exporters.
Echoing his view, Sandeep Modi, secretary, Federation of Pharma and Allied Product Merchant Exporters (FPME) said “Container shortage and high shipping freights are impacting domestic exporters and both these matters need attention of the government as we are targeting US$ 29 billion pharmaceutical exports in the current financial year.”
Exports of drugs and pharmaceuticals during the month of October have declined by 0.91 per cent at US$ 2060.09 million as compared to US$ 2078.92 million during the same month of last year.
Earlier Indian Drug Manufacturers’ Association (IDMA) had sought the intervention of the Union commerce ministry to address the issue of container shortage faced by the pharmaceutical exporters since April 2020.
In the second half of 2022, China unveiled the details of its data export regulations, providing further explanations to its existing laws and regulations on data.
The current energy crisis has reached an unsustainable level for the European chemical industry. For the first time ever, the EU imports more chemicals than it exports, both in volume and value, resulting in a trade deficit of € 5.6 bn for the first half of 2022.
Endocrine Disrupting Chemicals (also referred to as hormone disruptors or EDCs) are synthetic chemicals that are not produced by the human body and that disrupt the normal functioning of humans and animals.
The shipping industry is now returning to normality and is in a downward spiral. The cost of shipping goods from China has slumped to the lowest level in more than two years as the world economy stumbles, dimming prospects for container carriers that turned in record profits during the pandemic.
No precipitous plunge in container shipping rates, just ‘orderly’ decline.
The global food and beverage market size is expected to grow from $5.8 trillion in 2021 to $6.4 trillion in 2022 at a growth rate of 9.7%. The food and beverage market size is expected to grow to $8.9 trillion in 2026 at a compound annual growth rate of 8.7%.
The amendment makes QR codes mandatory on every active pharmaceutical ingredient. The Amendment Rules will come into force from January 01, 2023.
On June 22, 2022, the Commission adopted pioneering proposals to restore damaged ecosystems and bring nature back across Europe, from agricultural land and seas, to forests and urban environments. The Commission also proposes to reduce the use and risk of chemical pesticides by 50% by 2030.
According to New York Times, in a small clinical trial, 18 patients took a drug called Dostarlimab for around six months, and in the end, every one of them saw their tumours disappear.