Economy

India proposes joint venture to make 500 drugs in Russia

Arun S New Delhi | Updated on November 14, 2017 Published on March 27, 2012

Mr Anand Sharma, Union Minister of Commerce, Industry and Textiles, with Ms E.Nabiullina, Minister of Economic Development of Russian Federation, at a meeting in the Capital on Tuesday . – V. Sudershan

Mr Anand Sharma.

India has proposed joint ventures (JV) between Indian and Russian pharmaceutical companies to manufacture 500 drugs in Russia and supply them to markets in Russia, Belarus and Kazakhstan.

Responding “positively” to this suggestion by the Indian Commerce, Industry and Textiles Minister Mr Anand Sharma during a bilateral meeting, the Russian Minister of Economic Development Ms Elvira Nabiullina said, “JVs are good idea. Pharma sector is a good example where we can cooperate.”

Russia will soon “provide a list of 500 drugs (mostly generic and strategic).” Out of these drugs, 75 per cent is currently imported by Russia. Russia has also agreed to give information on the volume of production required in respect of 57 strategically identified medicines, official sources said.

Russia, Belarus and Kazakhstan had recently formed a new customs union pact. If the proposal for JVs becomes a reality, Indian companies manufacturing these drugs in Russia will be able to access the markets in all these three countries, they said.

DIAMOND SUPPLY

Pointing out that India is looking at Russia as a major source of rough diamonds, Mr Sharma also asked Ms Nabiullina to help in an early conclusion of a pact for long-term supply of rough diamonds from the Russian diamond major Alrosa and its precious minerals repository Gokhran to India’s Hindustan Diamond Co and MMTC.

India also wants Gokhran to invite MMTC and Hindustan Diamond Co to take part in their sales. The Russian Minister assured to look into the matter, the sources said.

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Published on March 27, 2012
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