New Delhi, Aug. 19 -- Pharmaceuticals, one of India's biggest export earners, could come under strain if the United States announces fresh tariffs, Fitch Ratings has warned in a new Fitch Wire report.

The rating agency said while Indian corporates generally have low direct exposure to current US tariffs, the pharmaceutical industry remains vulnerable to future trade measures. The US is a key market for Indian drugmakers, and any tariff imposition could ripple across the sector.

As per the report, Biocon Biologics Limited, which focuses on biosimilars, is particularly exposed with about 40 per cent of its revenue coming from the US. The company's products are mainly manufactured in India and Malaysia.

Fitch cautioned that significant US...