HS Code:
The category of Medicaments primarily affecting the eyes, ears, or respiratory system (HS Code: 3004.90 - specific subcategories may apply) includes pharmaceutical products such as eye drops, ear drops, nasal sprays, inhalers, and other medications designed to treat conditions related to these systems. These products are critical in addressing common health issues like allergies, infections, asthma, and other respiratory or sensory organ-related disorders. This category is a significant segment of the global pharmaceutical trade due to the high demand for such treatments across diverse demographics and regions.
Total Trade Volume
Approximately $35 billion USD
Data from 2022
Source
United Nations Comtrade Database, World Trade Organization (WTO) Reports
$8.5 billion USD
24.3% of total trade of total trade
Increasing
$5.2 billion USD
14.9% of total trade of total trade
Stable
$4.8 billion USD
13.7% of total trade of total trade
Increasing
$3.1 billion USD
8.9% of total trade of total trade
Stable
$2.5 billion USD
7.1% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
15% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements or WTO commitments in developed markets like the EU and US)
Rising demand for respiratory medicaments due to increasing air pollution and asthma prevalence
Significant growth in markets across Asia and Africa, with higher export opportunities for manufacturers
2021-2023
Increased adoption of generic and over-the-counter (OTC) eye and ear treatments
Reduction in costs for consumers, boosting trade volumes in cost-sensitive markets
2020-2022
Technological advancements in inhaler devices and drug delivery systems
Higher value products entering the market, increasing trade value per unit
2019-2023
The European Union introduced stricter guidelines for the approval of new respiratory medicaments, focusing on environmental impact of inhaler propellants.
June 2023
Potential delays in market entry for new products, increased compliance costs for exporters to the EU
A bilateral agreement reduced tariffs on certain medicaments, including those for eyes and respiratory systems, boosting Indian exports to the US.
March 2023
Increased market access for Indian manufacturers, potentially shifting trade dynamics in favor of generic producers
Ongoing disruptions due to geopolitical tensions and post-COVID recovery have affected the supply of raw materials for medicaments.
January 2022 - Present
Temporary shortages and price increases in key markets, prompting diversification of supply chains