Ar­gentina open for In­dian pharma

The Latin Amer­i­can na­tion has opened its US$ 6 bil­lion phar­ma­ceu­ti­cal in­dus­try to In­dian com­pa­nies. This move will pro­vide a def­i­nite boost and a new av­enue to an un­tapped mar­ket to In­dian com­pa­nies who have glob­ally- ap­proved man­u­fac­tur­ing fa­cil­i­ties.

Cargo Talk - - Cargo Analysis - CT BUREAU

Ar­gentina has fully opened its US $ six bil­lion drug mar­ket to In­dian phar­ma­ceu­ti­cal com­pa­nies. Ear­lier, the scope of ex­ports was limited to raw ma­te­ri­als, due to lo­cal laws.

With this move, Ar­gentina has opened its mar­ket for fin­ished phar­ma­ceu­ti­cal for­mu­la­tions as well.

PV Ap­paji, Di­rec­tor Gen­eral of In­dian Phar­ma­ceu­ti­cals Ex­port Pro­mo­tion Coun­cil, said, “With ef­fect from Au­gust 8, the Latin Amer­i­can na­tion has in­cluded In­dia on the list of coun­tries that can sup­ply medicines to it.”

Ar­gentina's phar­ma­ceu­ti­cals mar­ket is ex­pected to reach US $15

The in­dus­try pi­o­neers be­lieve that the decision will take time to be im­ple­mented as the reg­is­tra­tions and ap­provals are very time-con­sum­ing

bil­lion by 2020. Eight key mar­kets of the Latin Amer­i­can re­gion are now val­ued at over US $30 bil­lion, regis- ter­ing a com­pound an­nual growth rate (CAGR) of over 10%.

In 2012-13, In­dia sold $44.85 mil­lion worth of bulk drugs to Ar­gentina. The de­vel­op­ment will es­pe­cially boost ex­ports of In­dian com­pa­nies that have glob­ally ap­proved man­u­fac­tur­ing fa­cil­i­ties

"Our com­pa­nies can sup­ply generic drugs at nearly half the price of Ar­gentina's lo­cally made drugs, en­abling the Latin Amer­i­can coun­try pro­cure qual­ity drugs at af­ford­able costs," Ap­paji said. He fur­ther elab­o­rated, “The move will help In­dian drug com­pa­nies ac­cess one of the largest phar­ma­ceu­ti­cal mar­kets in the Latin Amer­i­can re­gion."

In­dus­try pi­o­neers be­lieve the decision will take time to be im­ple­mented as reg­is­tra­tions and ap­provals are time-con­sum­ing.

Arvind Va­sudeva, Business Chief Ex­ec­u­tive,

Aurobundo Pharma, said, “We need to wait for the kind of reg­u­la­tions Ar­gentina will come out with and the time it would con­sume for prod­uct reg­is­tra­tions. At present, it takes 24-30 months in Mex­ico and 4-7 years in Brazil for prod­uct reg­is­tra­tions and ap­provals.”

Alok Dalal, Pharma An­a­lyst, Moti­lal Oswal, said, “In­dian firms may have to wait for at least 2-3 years after in­vest­ing on prod­uct reg­is­tra­tions and ap­provals to gen­er­ate re­turns.”

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.