HS Code:
Insulin and its salts fall under HS Code 2937.12. This category includes insulin, a critical hormone used primarily in the treatment of diabetes, and its derivatives or salts used for medical purposes. Insulin is a lifesaving drug for millions worldwide, and its trade is influenced by factors such as production capacity, healthcare demand, and patent regulations. Global trade in insulin is dominated by a few key players with advanced biotechnological capabilities, while access and affordability remain significant concerns in developing regions.
Total Trade Volume
USD 25.3 billion
Data from 2022
Source
United Nations Comtrade Database, International Trade Centre (ITC)
USD 9.8 billion
38.7% of total trade of total trade
Increasing
USD 5.2 billion
20.6% of total trade of total trade
Stable
USD 3.9 billion
15.4% of total trade of total trade
Increasing
USD 2.1 billion
8.3% of total trade of total trade
Stable
USD 1.5 billion
5.9% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
10% (applied by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-US trade pacts or WHO-led access programs)
Rising Demand for Biosimilar Insulin
Increased competition and potential price reduction, improving access in low-income countries
2021-2023
Technological Advancements in Insulin Delivery
Shift towards smart insulin pens and pumps influencing trade patterns for related accessories
2022
Policy Push for Affordable Insulin
Government interventions in the US and EU to cap insulin prices may affect profit margins and trade volumes
2023
The US government passed a bill under the Inflation Reduction Act to cap insulin costs at $35 per month for Medicare beneficiaries.
August 2022
Likely to pressure manufacturers to adjust pricing strategies, potentially affecting export revenues
The World Health Organization prequalified the first biosimilar insulin, paving the way for wider access in developing nations.
November 2021
Expected to boost trade volumes for generic insulin producers, especially from countries like India
Novo Nordisk announced a $2 billion investment to expand insulin production facilities in Denmark and the US.
March 2023
Strengthens Denmark's position as the leading exporter and may stabilize global supply chains