KSM & API, India (Hyderabad)

India, the world's "pharmacy" for generics, imports about 70% of its active ingredients and key starting materials (KSM) from China, a share nearing 100% for penicillin, streptomycin or amoxicillin. The PLI programme launched in 2020 (≈$2bn) is slowly rebuilding domestic fermentation, but Chinese prices had gutted Indian capacity over twenty years. This dependence makes Beijing the supplier of last resort for the global generic chain.