API supply disruption a challenge; US, India need to address problem, says Zydus group chairman Pankaj Patel

So, there is a need to think about alternative sources of APIs, he added.

"The cost disadvantage which we have in India has actually made our industry which was making it go out of business. So, we have to think of product incentive schemes to move forward, so we can come back again in that area. More important is that it is a problem which is a world's problem," Patel said.

There should be a joint effort by the US and India to really address this issue in terms of creating additional capacity to make sure that abundant supply of the essential medicines is there, he added.

Highlighting the need for closer collaboration between the two countries, Patel said: "To achieve the goal of India becoming a USD 5 trillion economy, we need to have $1 trillion exports."

To realise this target, the relations between India and the US have to go to the next level to make it happen, he added.

Speaking on the impact of supply of APIs for coronavirus outbreak in China for India, Patel told PTI, "API consignments have started coming from north China and though the consignments from Wuhan area are still not coming, the situation is also likely to improve in next few weeks."

There is no cause for worry for india as, "we have enough stocks as of now and there is no cause of any concern till April end."