The ongoing Iran-Israel conflict is beginning to affect India’s economy in multiple ways. Shortages of key commodities and rising fuel costs are already creating pressure in the market. After concerns over LPG supply and possible petrol price hikes, another major worry is emerging. Medicine prices in India may soon increase if the global situation continues.
Pharmaceutical companies are facing rising costs for essential raw materials used in drug manufacturing. Many of these materials are imported and their prices have already increased by five to ten percent. Antibiotics and vitamin supplements are likely to be the first categories to see price pressure.
A major reason behind the increase is the disruption in global supply chains. Tensions in the Gulf region have affected shipping routes and transport operations. India depends on several countries for key pharmaceutical inputs. A portion of the raw materials used for medicines is imported from Europe. Drugs related to cancer treatment, heart disease, and endocrine disorders are among those affected.
India also imports important starting materials and solvents from countries such as Saudi Arabia and the UAE. Many pharmaceutical chemicals are petroleum-based. As crude oil prices rise, production costs for medicines also increase.
Shipping costs have surged sharply in recent weeks. Transport expenses have reportedly increased by 200 to 300 per cent. Shipment charges now range between 4,000 and 8,000 dollars.
Experts say India currently has medicine stock for several weeks. Prices may not rise immediately. However, if the conflict continues for a longer period, the costs in the country are likely to increase.
The post Iran-Israel War: One More Worry for the Common Man After LPG Crisis appeared first on Telugu360.
Iran-Israel War: One More Worry for the Common Man After LPG Crisis
