Dubai [UAE], April 12 (ANI): Dr Huzaifa Khorakiwala, Executive Director of Wockhardt Limited, on Saturday said that imposition of US reciprocal tariffs, if extended on the Indian pharmaceutical products, will pose a significant challenge on the industry.
"If tariffs come, it's not an opportunity; it is a challenge, and it is how you address the challenge that is the question," he said.
US President Donald Trump's reciprocal tariff announcement last week has been sending tremors globally, including here in India. However, in recent developments, Trump announced on Wednesday a 90-day pause on tariffs against all countries except China for negotiating tariffs. He has also said that the US will soon announce major tariffs on pharma products.
Going further, Khorakiwala stated that Wockhardt Limited has become the world leader in antibiotic research, with trials approved.
"Trials are approved now, and we are becoming the world leader in antibiotic research, and blockbuster product WCK-5222-ZENIC has given a 97 per cent success in the phase 3 clinical trial, and we are confident it will save 5 million lives annually due to antimicrobial resistance. It is one of the greatest breakthroughs in medicine since the discovery of penicillin by Alexander," he said.
According to the official data of the Ministry of Chemicals and Fertilizers, India's pharmaceutical industry has gained international recognition as the "Pharmacy of the World," particularly for its imperative role in supplying vaccines, essential medicines, and medical supplies during the COVID-19 pandemic and beyond.
The sector has showcased its innovative capabilities and established itself as a crucial global pharmaceutical value chain member.
Ranking third globally in drug and pharmaceutical production by volume, India exports to approximately 200 countries and territories. The top five destinations for these exports are the USA, Belgium, South Africa, the UK, and Brazil. (ANI)