The price of riboflavin IP, used in a wide range of vitamin preparations in the country, is shooting up in the market since last few months. The price of this imported vitamin is being quoted at Rs 5000 per kg in the market today as against Rs 1000 a kg just two months ago.
Riboflavin is the key ingredient used in the manufacture of most multivitamin preparations. With the prices of Riboflavin hitting the roof, several brands of multivitamin tablets will become costlier in the coming days. The major reason for the sudden spurt in price is the steep shortfall in supplies from China as the production there has been hit due to environmental stipulations by the government.
Riboflavin is almost totally imported raw material as no company in India is producing it now. Earlier, Romeda Chemicals used to produce riboflavin in the country but the company discontinued the production as it could not compete with the cheap Chinese material. Presently, the country is 100 per cent dependent on China for riboflavin. Around five tons of riboflavin is imported into the country every month.
According to industry sources, there is no chance of Riboflavin price coming down as more stiff conditions are likely on production of chemicals and pharmaceutical raw materials in China. "It is unlikely that the prices of riboflavin will come down at least in the next six months", a leading trader said.
Major reason for the steep hike in the prices of riboflavin on account of a steady fall in the production of riboflavin in China after the Chinese government enforced stringent environmental standards on the polluting industries. The Chinese government is reported to have asked a large number of industries, including pharmaceutical units, to shut down their units till they met the standards set by the government. The Chinese government's stricter enforcement comes in the wake of a widely publicised scare that the Chinese made food products and medicines contained a chemical used in anti-freeze compounds.
High prices and reduced availability of riboflavin are bound to created corresponding hike in prices and a possible shortage of multivitamin preparations in India. Some of the major players in the multivitamin segment are Pfizer, GSK and US Vitamin. And Becosules of Pfizer is a widely prescribed vitamin preparation with a market of nearly Rs 100 crore.