However, many industry insiders attribute this to a predatory pricing strategy by Chinese companies, and they believe that stability in prices is still a long way off.
The prices of key APIs, such as paracetamol, penicillin (antibiotic), sitagliptin (antidiabetic), metformin (antidiabetic), and telmisartan (antihypertensive), have dropped sharply in recent months.
For instance, the price of paracetamol API now stands at $4.6 per kilogram (kg), down 53 per cent from its peak and 31 per cent year-on-year (Y-o-Y). Similarly, the price of amlodipine (antihypertensive) has decreased 60 per cent from its peak to $64 per kg, a 26 per cent Y-o-Y decline and a 36 per cent month-on-month drop, according to an analysis by Axis Capital.
Sudarshan Jain, secretary-general of the Indian Pharmaceutical Alliance, which represents large pharmaceutical (pharma) companies in India, said that turbulence in API prices is likely to continue for some time due to the country's dependence on imports. He added that while prices have been falling, they tend to rise again after a few months, depending on the specific API.
An industry expert pointed out that Chinese companies typically resort to predatory pricing whenever API production increases in India.
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