While daily COVID-19 cases in China continue to see an uptick, regular cold medicines like Ibuprofen, paracetamol and levocetirizine API are seeing a shortage in the US, EU, China, pharmaceutical company IOL Chemicals said on Wednesday.
Therefore, an increase of 10 percent in prices is expected in case shortages rise, IOL Chemicals told CNBC-TV18, adding that not a huge disruption in prices or supplies is being seen currently. But if prices rise, it will be temporary.
Paracetamol was one of the most utilised drugs during COVID-19
earlier as compared to Ibuprofen and a couple of others. This is largely seen in the US, EU as well as China, where there is a rise in COVID-19 cases.
The pharma firm said it had a certificate to export to the US, Latin America and West Asia, and it needs to assess the possibility of incremental exports in the next two to three weeks.
Earlier in the day, a business daily reported that the price of active pharmaceutical ingredients (APIs) from China has risen in the last two weeks by 12-25 percent. The Economic Times report claims that China is reducing exports as domestic demand and consumption have risen due to COVID-19.
The price of API for Paracetamol has risen to Rs 550 per kg versus Rs 450 earlier, Azithromycin went up to Rs 10,000 per kg as against Rs 8700 fortnight ago, meaning a 15 percent increase during the period. API for Amoxicillin is up 13 percent to Rs 3,200 a kg from Rs 2,850. While Potassium Clavulanate has risen to Rs 19,500 per kg versus Rs 17,000 a kg, according to the report.
The supplies, too, are likely to become erratic due to the COVID-19 situation in China, the Chinese New Year and fears of supply disruption in case the situation escalates, ET reported. However, CNBC-TV18 has not independently verified this report.