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On March 19, FDA& #39;s Commissioner Stephen Hahn announced that FSA is considerinf Hydroxychloroquine for COVID-19 https://www.medpagetoday.com/infectiousdisease/covid19/85522">https://www.medpagetoday.com/infectiou...
DGFT had restrictions on export of paracetamol and vitamins B1, B6 and B12, tinidazole, metronidazole, acyclovir, progesterone, chloramphenicol, erythromycin salts, neomycin, clindamycin salts and ornidazole since March 3. https://economictimes.indiatimes.com/news/economy/foreign-trade/government-bans-exports-of-certain-masks-ventilators-raw-material-for-masks-coveralls/articleshow/74718029.cms?from=mdr">https://economictimes.indiatimes.com/news/econ...
But DGFT clarified that the API formulation export is not for SEZs or EOUs https://www.thehindubusinessline.com/economy/no-curb-on-export-of-apis-formulations-from-sez-units-dgft/article31135273.ece">https://www.thehindubusinessline.com/economy/n...
Meanwhile the FDA which routinely needles Indian API manufacturers with blacklisting and bans suddenly revoked a ban on Ipca laboratories on March 23 so that the company can export hydroxychloroquine to US in bulk. https://www.fiercepharma.com/manufacturing/fda-lifts-ban-so-india-s-ipca-so-can-ship-unproven-covid-19-treatments">https://www.fiercepharma.com/manufactu...
Then the DGFT moved in banning export of Hydroxychloroquine from March 25 with exceptions to SEZ / EOU with advance licenses issued before the date of the notification. A clause also said export is ok on "humanitarian grounds".
https://dgft.gov.in/sites/default/files/notification%2054_0.pdf">https://dgft.gov.in/sites/def...
https://dgft.gov.in/sites/default/files/notification%2054_0.pdf">https://dgft.gov.in/sites/def...
On April 3 the FDA issued Emergency Usage Authorization on Hydroxychloroquine. https://www.fda.gov/media/136537/download">https://www.fda.gov/media/136...
Next day DGFT moved in and removed para 2 of the March 25 notification effectively banning even SEZ and EOU (even those with Advance licenses issued and also the humanitarian ground clause) from exporting HC :-)
https://dgft.gov.in/sites/default/files/Noti%201%20Final%20Eng_0.pdf">https://dgft.gov.in/sites/def...
https://dgft.gov.in/sites/default/files/Noti%201%20Final%20Eng_0.pdf">https://dgft.gov.in/sites/def...
There has been speculation of arbitration claims on exports already paid for as a result of this notification https://www.reedsmith.com/en/perspectives/2020/04/india-rescinds-exemptions-to-hydroxychloroquine-export-restriction">https://www.reedsmith.com/en/perspe...
There is also a view that force majeure would not stand validity in this case for India https://www.bloombergquint.com/coronavirus-outbreak/covid-19-coronavirus-force-majeure-and-impact-on-commercial-contracts">https://www.bloombergquint.com/coronavir...
The very next day Trump spoke in that presser and amongst some very warm and friendly noises slipped in retaliation towards the end.
On April 6, DGFT removed restrictions on 12 APIs banned by them on March 3, but HC was kept in a licensed category and its position continuously monitored. Indian cos could however export to meet their earlier commitments if stock position allowed https://www.expresspharma.in/covid19-updates/dgft-lifts-export-restriction-on-12-molecules-paracetamol-hcq-on-license-basis/">https://www.expresspharma.in/covid19-u...
So for all that nonsense Trump blabbered l"a sizeable chunk of the 29 million doses of hydroxychloroquine bought by the US from India" are from Ipca and their advance commintments https://www.business-standard.com/article/current-affairs/more-than-29-mn-hcq-doses-bought-by-us-have-come-from-india-trump-120040800426_1.html">https://www.business-standard.com/article/c...
Ipca, an bug on FDA radar till yesteday, is their new friend. On April 7, after India provisionally agreed to be more humane to Trump& #39;s goodwill calls Ipca& #39;s shares owere up 10.06 percent :-). https://www.moneycontrol.com/news/business/companies/how-ipca-labs-is-best-suited-to-reap-the-hydroxychloroquine-opportunity-5118551.html">https://www.moneycontrol.com/news/busi...
So why this thread? Just to connect the dots.
There is a shade of truth to the fact that Trump& #39;s retaliation indication worked but Indian mfrs would be more concerned with arbitration claims than that.
Also Modi, did try to use it as a bargaining chip., albeit a very weak one.
There is a shade of truth to the fact that Trump& #39;s retaliation indication worked but Indian mfrs would be more concerned with arbitration claims than that.
Also Modi, did try to use it as a bargaining chip., albeit a very weak one.
