HS Code:
Papaverine and its salts fall under the Harmonized System (HS) Code 2939.19, which covers alkaloids of opium and their derivatives, including salts thereof. Papaverine is a non-narcotic alkaloid derived from opium, primarily used as a smooth muscle relaxant in medical applications to treat conditions such as vascular spasms and erectile dysfunction. It is also utilized in pharmaceutical research and development. The global trade of Papaverine and its salts is relatively niche compared to other pharmaceutical products, with demand driven by the healthcare and pharmaceutical industries in developed and emerging markets.
Total Trade Volume
Approximately USD 15 million
Data from 2022
Source
United Nations Comtrade Database and International Trade Centre (ITC)
USD 5.2 million
34.7% of total trade of total trade
Increasing
USD 3.8 million
25.3% of total trade of total trade
Stable
USD 2.1 million
14.0% of total trade of total trade
Increasing
USD 1.9 million
12.7% of total trade of total trade
Stable
USD 1.0 million
6.7% of total trade of total trade
Decreasing
Average Rate
6.5% ad valorem
Highest Rate
12% (applied by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements or for WTO members with preferential access)
Growing demand for generic pharmaceuticals
Increased export opportunities for countries like India and China, which are major producers of cost-effective generic drugs containing Papaverine.
2021-2022
Rising focus on cardiovascular treatments
Higher demand for Papaverine as a vasodilator in aging populations, particularly in North America and Europe.
2020-2022
Stricter regulatory frameworks
Increased compliance costs for exporters due to tightened controls on alkaloid-based drugs under international drug control conventions.
2019-2022
The European Union introduced updated guidelines for the import of alkaloid-based drugs, including Papaverine, requiring stricter documentation and quality assurance.
March 2023
Potential delays in shipments to EU markets but improved trust in product safety and quality.
India launched incentives under the Production Linked Incentive (PLI) scheme to boost the export of active pharmaceutical ingredients (APIs), including Papaverine and its salts.
January 2022
Strengthened India's position as a leading supplier, likely increasing its market share.
The US Food and Drug Administration approved new formulations of Papaverine for specific medical uses, spurring demand.
October 2022
Increased imports to the US, benefiting major exporters like India and Germany.