Paracetamol Market: The Impact of COVID-19 on Global Supply Chains

Paracetamol, also known as acetaminophen or APAP, is a widely used active ingredient in hundreds of over-the-counter (OTC) and prescription medicines. It is a powerful pain reliever and fever reducer that is also combined with other active ingredients in medicines that treat allergies, cough, colds, flu, and sleeplessness. In prescription medicines, acetaminophen is found with other active ingredients to treat moderate to severe pain. However, acetaminophen can cause serious liver damage if more than directed is used.

The COVID-19 pandemic has had a significant impact on the paracetamol market worldwide. Due to its widespread availability and effectiveness, paracetamol has been recommended by various healthcare authorities across the world for managing fever in adults and children with COVID-19.

This has initially created a high demand for the OTC analgesics, such as paracetamol, leading to restrictions in the export of essential drugs by local authorities while maintaining sufficient stock in their country. However, the majority of paracetamol active pharmaceutical ingredient (API) is exported from India and China, leading to a shortage of paracetamol in most markets worldwide and increased prices for paracetamol tablets online and in independent community pharmacies.

The consequences of the Covid issue on global medicine supply chains have rekindled discussions about international trade and a potential shortage of medications and generics, including Paracetamol in Europe. While the severity of the effects of underlying inflation is anticipated to decrease gradually over the course of the year, there are indications that inflation pressure will be more persistent than originally anticipated.

This could lead to pharmaceutical companies that make Paracetamol having to contend for longer than current baseline projections with semi-permanently increased input prices and other interconnected issues.

Around 60% of APIs, including Paracetamol, are produced in China or India worldwide. In addition to being a significant manufacturing hub, China also provides 70% of the APIs for the generics market in India. The Federal Association of Pharmaceutical Manufacturers (BAH) in Germany has stated that " one must think about incentives to enhance the European Union as a site for the pharmaceutical industry and bring the manufacturing of APIs and pharmaceuticals back to the European Union. However, there is very little room to accommodate major price rises due to the rigidity of European pricing and reimbursement procedures."

The COVID-19 situation has also led to various initiatives, collaborations, and strengthening of local manufacturers, which are expected to bring considerable changes in the paracetamol market worldwide, leading to its growth. For instance, following the COVID-19 crisis, France plans to produce more medicines nationally, starting with paracetamol. Such initiatives are expected to support the local manufacturing of paracetamol, strengthening the local market players and competitiveness around the world.

In conclusion, paracetamol is an important active ingredient in the pharmaceutical industry that has been widely used for pain relief and fever reduction for decades. The COVID-19 pandemic has highlighted the importance of local manufacturing of essential drugs like paracetamol and has led to various initiatives to strengthen the paracetamol market worldwide. However, the paracetamol market also faces challenges related to international trade and inflation, which need to be addressed to ensure a stable supply of this essential drug to patients around the world.

Need Market Report - 2023 https://www.qyresearch.com/index/detail/5474297/Global-Paracetamol-Market-Research-Report-2023