India Pharma Outlook Team | Friday, 25 February 2022
The Russia-Ukraine crisis and sanctions against Russia by many western countries including the US may cause some damage to Indian pharmaceutical exports, executives of pharma industry told. Drug industry executives are worried that sanctions against Russian banks may impact remittances of outstanding trade receivables from that country.
Western governments have warned of more sanctions should the crisis escalate. Dr Reddy's and Sun Pharma, which have significant front-end presence in both Russia and Ukraine, said they are closely monitoring the situation, adding that their primary focus at the moment is to ensure safety of employees.
"Ensuring the well-being of our staff is the first and foremost priority, along with meeting patient needs and business continuity," said a spokesperson at Dr Reddy's that has had a presence in the region for more than three decades. "We have been monitoring developments closely and preparing accordingly."
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