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.
Advanced Drug Delivery Systems Market, valued at USD 234.84 billion in 2023, is on a trajectory of significant growth, projected to reach USD 352.01 billion by 2032
The U.S. Food and Drug Administration on January 15, 2025, announced its decision to ban Red Dye No. 3 also referred to as Erythrosine.
Targeted drug delivery revolutionises treatment by focusing medications on specific tissues, reducing the impact on healthy cells. Scientists enhance this precision with carriers like microspheres and nanoparticles, controlling release and absorption. Microspheres, made from biodegradable proteins or polymers, sustain drug release, making them ideal for targeted therapies, especially in oncology. Beyond drug delivery, microspheres open new possibilities across industries—from next-gen coatings to thermal insulation. With tailored sizes, shapes, and materials, they drive advancements in pharmaceuticals, advanced materials, and more.
The U.S. Food and Drug Administration (FDA) has proposed a new rule to require standardized testing of talc-containing cosmetics for asbestos. The FDA noted that this move aims to protect consumers from potential harm posed by asbestos, a known carcinogen linked to serious illnesses such as lung and ovarian cancers.
As one of the most significant holidays in China, Chinese New Year (CNY) profoundly impacts global shipping, logistics, and supply chains. Scheduled to begin on January 29, 2025, this festive period lasts up to two weeks, with many factories, ports, and businesses shutting down or operating with limited staff. Understanding the implications of CNY on your supply chain is critical to avoid disruptions and ensure seamless operations.
Disruptions in the Red Sea, Suez Canal, and Panama Canal have driven up shipping costs, sending shockwaves through the global economy.
It was truly heartwarming to see so many clients and associates visiting our stand, even as late as at the end of the show, sharing drinks and engaging in conversations.
Ocean freight rates on key global container routes have fallen again. Despite the upcoming Golden Week in China, which usually drives demand, the situation this year is slightly different, and the expected rate increase may not happen.
Highly potent active pharmaceutical ingredients (HPAPIs) are at the dangers of cross-contamination with other product forefront of pharmaceutical manufacturing. They are particularly common in targeted therapies and personalized medicines. This is primarily due to their potent therapeutic effects at low dosage forms.