India wants to leverage its pharmaceutical manufacturing to fill the supply gap of drugs in Russia which is affected by Western sanctions.
The Trade Promotion Council of India (TPCI) has asked the Indian Drugs Manufacturing Association (IDMA) to encourage companies to seize this opportunity and establish themselves as a reliable partner in the Russian market.
As part of the strategy, an Indian pharmaceutical delegation will leave for Russia next month to hold meetings with Russian counterparts.
Russia was the fourth largest export destination for Indian pharma with exports of $597.81 million (1.21% growth rate) in FY 2012. Russia’s pharma market ($19.42 billion) is the largest in Central and Eastern Europe with a generic market size of $8.6 billion.
“During the world’s toughest times, the Indian pharmaceutical industry has demonstrated remarkable commitment by supplying medicine to over 200 countries. Indian pharmaceutical industry is well known in Russia and is considered as a reliable partner. India can play an important role going forward – a reliable supplier of quality assured, differentiated and affordable medicine to Russia,” said Sudarshan Jain, Secretary General, Indian Pharmaceutical Alliance.
“Russia-India relations (in pharma) have been very fruitful ever since we established Indian Drugs & Pharmaceuticals Ltd. with Russian technology. This is the basis of growth of Indian pharma. We are working closely with companies with them. After Dr Reddy’s Lab we now have Sun Pharma, Hetero, Cipla and they have very strong relationship with Russian importers,” said Uday Bhaskar, Director General, Pharmaxil.
Experts said Indian companies can expand their business as Russian drugmakers look to the Indian pharma industry for supplies in areas such as anti-diabetic drugs, anti-cancer drugs, auto-immune drugs, anti-retroviral drugs, cardiovascular drugs and medicine. are. Device.
He also said that this is a great opportunity to collaborate with Russia’s leading and new importers, retailers, distributors, wholesalers and partners.
Rajiv Nath, Forum Coordinator, Association of Indian Manufacturers of Medical Devices, said that Russian business representatives in India have provided a list of medical devices for which they want to find reliable suppliers in India.
“We have informed our member companies and I think some of our members will leave, but they are a little worried about this ongoing war if it escalates… that is the only concern. Trade with Russia The scope for doing so is great now… but having said that we have to be sure about the payment part, on which TPCI can help, they can come out with some mechanism,” IDMA Secretary General Darra Patel said. Told.