The Change
Active pharmaceutical ingredient costs have risen sharply since December 2025. Glycerin, used in thousands of generic formulations, rose 64% in that period. Amoxicillin trihydrate, a primary antibiotic precursor, is up 45%. Paracetamol ingredient costs rose 26%. Thiocolchicoside, a muscle relaxant ingredient, doubled. The source is the Strait of Hormuz closure, which Iran initiated on March 5, 2026, cutting the waterway that carries roughly 40% of India's crude oil imports, as well as the petrochemical feedstocks that flow from Dubai logistics hubs into India's pharmaceutical manufa