A delegation of pharmaceutical firms from Japan’s Toyama prefecture today indicated that Japanese companies are keen to collaborate with Indian pharma companies in trade and technology development.
At a meeting organised by the industry chamber FICCI here, leader of the Japanese pharmaceutical delegation Yasuhiko Shioi said that companies from Japan are keen to collaborate with Indian pharma companies.
“Indian and Japanese companies could also undertake joint market research and product development for world market as also jointly develop new technologies,” Shioi added.
Toyama, which is recognised as the cluster city of pharmaceutical industry in Japan, has around 100 companies.
“We are looking for long term partnerships with Indian companies. There is immense scope of exporting Japanese products to Indian market and similarly Indian products can be traded in the Japanese market,” Hamano International President, Shoichiro Hamano said.
Speaking at the event, Indian Drug Manufacturers’ Association (IDMA) Secretary General, Daara Patel said India is one of the world’s largest and most developed in pharma sector.
He also highlighted availability of huge talent pool for sustaining and growing operations are making India an attractive choice for global pharma companies for investment, tie-ups, mergers and acquisitions.
India’s pharmaceutical sector is poised to grow from $21.7 billion currently, to $36.7 billion by 2015. Japanese market is estimated to be around $120 billion.