Industry & Economy
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Pharmaceuticals
Pharma exporters keen on joint ventures in CIS
Our Bureau
Hyderabad
,
Feb. 25
PHARMACEUTICAL and chemical manufacturers are keen to step in as joint venture partners and to have manufacturing tie-ups in countries that constitute the Commonwealth of Independent States (CIS), according to the Union Minister of State for Commerce and Industry, Mr E.V.K.S. Elangovan.
Addressing the delegates after inaugurating the Indo-CIS Health Summit here on Thursday, organised by the Basic Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council (Chemexcil), the Minister said the Indian pharma companies could trade and invest in the CIS countries for mutual benefit.
According to the Minister, the CIS countries would have cost advantage if they source their requirements from India. Highlighting the advantages of Indian pharma companies, he pointed out that the world prices were 5-20 times higher than Indian prices.
The Minister said India currently enjoys the status of one of the most cost-effective healthcare destinations in the world.
Highlighting the healthcare strengths, especially in the secondary and tertiary care, the Minister pointed out that in the last five years, the number of patients visiting India for medical treatment increased from 10,000 to one lakh per annum.
Apart from selling specific services such as surgery and procedures or treatments, India could also provide expertise in setting up medical systems and infrastructure for countries of the CIS region, he said.
According to the Minister, India currently produces nearly 8.5 per cent of world's drug requirements in terms of volume and ranks amongst the top 15 pharmaceutical manufacturing countries across the globe.
The Indian pharmaceutical industry, currently valued at around $5 billion, is growing at 14 per cent per annum.
The Chemexcil Chairman, Mr Satish W. Wagh, said that the objective of the summit included exploring joint ventures for manufacturing, marketing and warehousing of drugs in the CIS countries and highlighting India's capabilities in the area of chemicals, pharmaceuticals and healthcare.
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