Why in News:

• Recently, the Centre has permitted the export of formulations (medicinal products) made from Paracetamol. However, the restriction on export of Paracetamol Active Pharmaceutical Ingredients (APIs) will continue, which is the part of any drug that produces the intended effects.

Highlights:

• The Paracetamol and its formulations were among the 13 APIs. Their formulations that figured in the notification by the Directorate General of Foreign Trade (DGFT).
• The formulations, includingFixed Dose Combinations (FDC), under any ITCHS code have been made free for export with immediate effect.
• The ITCHScodes are better known as Indian Trade Clarification (ITC) and are based on the Harmonized System (HS) of Coding. These were adopted in India for import-export operations.
• The Indian custom uses an Eight Digit ITC(HS) code to suit the national trade requirements.
• The decision allowing export of formulations made from Paracetamol has come after permitting shipment of antimalarial drug Hydroxychloroquine (HCQ) to the United States (US) and several other countries.
• The Pharmaceutical Export Promotion Council (Pharmexcil) of India wanted the Centre to resume export of Paracetamol APIs too.
• The Pharmaexcil was established in 2004 by the Ministry of Commerce and Industry, Government of India, to promote Pharma Exports.
• The FDC is means two or more drugs contained in a single dosage form, such as a capsule or tablet.
• An example of a FDC is HIV drug, Atripla (a combination of efavirenz, emtricitabine, and tenofovir disoproxil fumarate). By reducing the number of pills a person must take each day, fixed-dose combination drugs can help improve adherence to an HIV treatment regimen.

About Directorate General of Foreign Trade:

• It is the main governing body in matters related to Exim (Export-Import) Policy.
• It is an attached office of the Ministry of Commerce and Industry
• Its main objective of it under the Foreign Trade (Development and Regulation) Act, 1992 is to provide the development and regulation of foreign trade by facilitating imports into, and augmenting exports from India.
• The Foreign Trade Act has replaced the earlier law known as the Imports and Exports (Control) Act 1947.

About Paracetamol:

• It is a common fever medication globally. It is the most sought after and widely used drug ever since the Covid-19 outbreak.
• India is one Among the leading manufacturers of Paracetamol Globally.
• From an export perspective, it is a low value, High Volume Product.