Despite the conflict in Palestine, the Pharmaceuticals Export Promotion Council of India (Pharmexcil), affiliated with the ministry of commerce, believes India’s pharmaceutical trade with Israel will remain largely unaffected.
In 2022-23, pharma exports to Israel from India stood at $92 million, a rise from $60 million the previous year, as per Pharmexcil director general Uday Bhaskar. Exports mainly comprise bulk drugs (API), drug formulations, and biologicals.
“At present, I don’t see any huge impact on the pharmaceutical trade between India and Israel as the trade between both the countries particularly in pharma sector is minimal. Israel has a very strong pharmaceutical sector and highly regulated pharma market, and I don’t think they would seek help from Indian counterparts immediately. Obviously, war can cause disruptions in supply chain,” said Bhaskar.
On 7 October, following surprise attacks by Hamas in southern Israel, the country declared a “state of war”. Local sources have so far reported over 413 Palestinian and 700 Israeli casualties.
The Indian government has expressed support for Israel. Additionally, the Ministry of External Affairs has advised Indians in Israel to minimize movements and stay near safe zones due to the ongoing conflict.