Pharma cos to be in Russia in July to fill gaps in supply
NEW DELHI: With Russia suffering from trade and financial sanctions from US, European Union, and other countries, India is looking to leverage its pharmaceutical expertise to fill the gap.
The Trade Promotion Council of India (TPCI) has communicated to Indian Drugs Manufacturing Association (IDMA) to encourage their member companies to leverage this opportunity, given that the ongoing conflict has provided an opportunity for Indian companies to establish themselves as reliable partners in the Russian market.
As part of the strategy an Indian pharmaceutical delegation will be shortly leaving for Russia to hold meetings on the same. Russia is fourth largest export destination for Indian pharma in 2021-22 with export value of $597.81 million (1.21% growth rate). Russia pharma market (use 19.42 billion) is the largest Market in CEE (Central & Eastern Europe) with generic market size of ($8.6 billion).
“During the world’s toughest times, the Indian pharmaceutical industry has demonstrated remarkable commitment by supplying of medicine to over 200 countries round the world. The Indian pharmaceutical industry is well-known in Russia and is regarded as a reliable partner. With annual pharmaceutical exports to Russia hovering around 1%, India can play an important role going forward.
India can be a reliable supplier of quality assured, differentiated and affordable medicine for Russia,” said Sudarshan Jain, Secretary General, Indian Pharmaceutical Alliance (IPA).
According to TPCI, Indo-Russia Pharma Delegation is a unique opportunity to exchange ideas with stakeholders within the Russian Pharmaceutical industry.
“Russia market is always very important to India. More than 50% of Indian Pharma exports to CIS countries goes to Russia. Russia- India has a very fruitful relation since ages when we established IDPL with Russian Technology. That is the basis for Indian pharma to grow. From those days, we have been closely working with them with most of the Indian companies for examples Dr Reddy’s Lab started operations in late 80s or early 90s. Now, we have Sun Pharma, Hetero, Cipla, and they have a very strong connect with Russian importers. In entire CIS, they take Russia as a model. Even after the dismantling of USSR, still we are maintaining good pharma trade with Russia and this upcoming opportunity is a good one,” said Udaya Bhaskar, director general, Pharmexcil told Mint.
Experts said Indian companies can grow their business in one of the fastest growing markets as Russian drug makers are increasingly looking towards the Indian pharma industry for supplies in areas such as anti-diabetic drugs, anti-cancer drugs, auto immune drugs, anti-retroviral drugs, cardio vascular drugs and medical instruments. They also said that it’s a great opportunity to collaborate with the prominent & new importers, retailers, distributor, wholesalers & partners from Russia.