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ISSN 2063-5346
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EXPLORATORY STUDY OF RISK MITIGATION SOLUTIONS FOR INDIAN CHEMICAL INDUSTRY

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Pratik Priyadarshi1*, Manoj Pareek Dr2 , Neshya Mary John3
» doi: 10.31838/ecb/2023.12.si5.0142

Abstract

The chemical industry is a vital part of the global economy and supply-chain network. It involves conversion of raw materials like oil or natural gas to thousands of products which are essential to modern life. India is the 6th largest producer of chemicals globally, 3rd in Asia and it is the 4th largest producer of agrochemicals after the United States, Japan and China. The Indian chemical industry is expected to register at CAGR 9.3% by 2025. The pharmaceutical industry comprises of research, development, production and distribution of drugs. According to CARE ratings of August 2021, the Indian pharmaceutical business is expected to develop at an annual rate of ~11% over next two years. The market has increased up from 13.7% in 2020 annually to 17.7% in 2021 and the market revenue is expected to be over 12% y-o-y in FY22. This study aims to identify the size and opportunities relating to pharmaceutical and chemical industries and to do potential mapping for both industries and to create a Risk Register for both pharmaceutical and chemical industries by utilizing the comprehensive list of risks identified affecting the industries. Through this research following outcomes were achieved: revenue- opportunity mapping for both pharmaceutical and chemical industries, brought to light the risk exposures of both the industries, distinguished between insurable and noninsurable risks, different insurance solutions available for the risks have been proposed as a result of this research study

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