Page 182 - CW E-Magazine (15-10-2024)

ICC Annual Awards 2023 Special Report

Mr. U. Shekhar, Promoter and
Non-Executive Director, Galaxy Sur- Weakness in API prices to persist: Ind-Ra
factants Ltd., was honoured with the ndia Ratings and Research (Ind-Ra) Table 1: Decline in domestic API Table 2: Y-o-y change in export
‘ICC D.M. Trivedi Lifetime Achieve- expects active pharmaceutical prices over last 12 months price, 1QFY25
ment Award’ for his contributions to Iingredient (API) prices and vol- API Price decline [Rs./kg]
the Management of Industry. ume growth to remain weak for India API Price decline
in FY25, driven by imports and com- Paracetamol 40%
In his acceptance speech, he petition in exports, both from China. Metformin 15-20% Ciprofl oxacin (Fluoro- -69%
recalled Galaxy’s journey from a However, low raw material prices Ibuprofen 25-30% quinolones)
small company created by a group have mitigated the impact of the price Ciprofl oxacin 15-20% Cyanocobalamin -52%
of friends to its current status as one decline. This along with costs and for- Source: Industry; Ind-Ra Paracetamol -35%
of the leading suppliers of surfac- ward integration into the formulations healthy fi nancial performance for Ind-Ra Para-Aminophenol -27%
tants and personal care ingredients business (which has seen higher prices rated pharma companies.
to some of the leading companies in in the regulated markets) has caused Thiamine -27%
Mr. U. Shekhar, Galaxy Surfactants, being honoured with the ICC D.M. Trivedi Lifetime the world. EBITDA margins to expand. This has 20-50% decline in key molecules Losartan -24%
Achievement Award. led to a higher count of positive direc- The API price decline has ranged Erythromycin -15%
Prof. V.V. Mahajani, former Pro- tional actions on its pharma portfolio from 20-50% in key molecules over the Azithromycin -6%
fessor of Chemical Engineering, over the past 12 months. A wider basket past 12 months. While the steep price
ICT, was recognised with the ‘ICC of products across therapies and lower declines have abated since 2QFY25, Other anti-epileptic -3%
D.M. Trivedi Lifetime Achievement concentration of products exposed to given the prices reaching uneconomical drugs
Award’ for his signifi cant contribution Chinese competition have also led to a levels even for Chinese players (import Source: Ministry of Commerce and Industry;
Ind-Ra
to education and research.
20
Kartik Bharat Ram takes charge as 13.4 14.7
ICC President 15
At the conclusion of the award 10
ceremony, ICC President (2023-24), 6.5
Mr. Rajen Mariwala, handed over 5
the Presidency of the association to -1.8
Mr. R. Kartik Bharat Ram, Joint 0
Mr. R. Kartik Bharat Ram accepting the ICC presidency. Managing Director, SRF Ltd. -5 -7.3

Chemical Weekly | Import-Export Data | Market Surveys -10 2QFY24 3QFY24 4QFY24 1QFY25
1QFY24
Fig. 1: Aggregate y-o-y volume growth (%) of 16 key APIs
Directories | Business Forums | Expositions Source: Ministry of Commerce and Industry; Ind-Ra Analysis
(INR/kg) Export Import
The only organisation in India catering exclusively to the needs of the entire chemical industry 100
93 95 91
Contact: 90
78 81 79 81 79
SEVAK PUBLICATIONS PVT. LTD. 80 76 75 74

602-B, Godrej Coliseum, K.J. Somaiya Hospital Road, 70 67 63 64 64 68 62 64
Behind Everard Nagar, Sion (E), 60
Mumbai 400 022.
Phone: +91-22-24044471 / 72; 50
1QFY23
Email: admin@chemicalweekly.com 2QFY23 3QFY23 4QFY23 1QFY24 2QFY24 3QFY24 4QFY24 1QFY25
Fig. 2: Average price (Rs./kg) for 3 key API raw materials
Source: Ministry of Commerce and Industry; Ind-Ra Analysis

182 Chemical Weekly October 15, 2024 Chemical Weekly October 15, 2024 183

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