In a major initiative to boost pharmaceuticals exports to Latin American (LATAM) region, a 105-member industry delegation with representatives from 82 Indian pharma companies will be visiting Guatemala, Colombia and Chile. 

The programme is being organised by the Pharmaceuticals Export Promotion Council of India (Pharmexcil), an arm of the Union Ministry of Commerce & Industry, in association with the Indian Embassies in Latin America.

“This is the largest business delegation in the history of Pharmexcil. The delegation aims to propagate the quality of the Indian pharmaceuticals and impress upon the government authorities and business stakeholders of LAC region about the strength of the Indian pharma industry. The delegation comprises manufacturers of finished dosage formulations (FDFs), biologicals, active pharma ingredients (APIs), contract services and allied products,’‘ R Uday Bhaskar, Director-General, Pharmexcil, told businessline.

“In the tapestry of global healthcare, India’s pharmaceutical industry threads a story of reliability, quality, and accessibility, enriching lives across Latin America. Chile, with its high emphasis on affordable healthcare, beckons to Indian pharma producers.,’‘ Subrata Bhattacharjee, Ambassador of India to Chile, said.

Pharmexcil Director General Ravi Uday Bhaskar

Pharmexcil Director General Ravi Uday Bhaskar | Photo Credit: C_V_SUBRAHMANYAM

According to Manoj Kumar Mohapatra, Ambassador of India to Guatemala, the significant contribution of Indian pharma laid the foundation for robust bilateral ties between Guatemala and India and there is immense potential to enhance the accessibility of pharmaceutical products in the Central American region by India. 

Investment scope

Besides looking for export opportunities in, the Indian companies are also looking forward to investment opportunities for manufacturing, joint ventures and collaborations with LATAM stakeholders. 

Vanlalhuma, Ambassador of India to Colombia, said bilateral engagement between India and Colombia in health and pharmaceuticals intensified over the last few years, especially in the post-pandemic era. “Pharmexcil’s delegation with unprecedented level of participation at this juncture reflects their deep interest in exploring new avenues and helps consolidate established long-term business relations between Indian and Colombian companies,’‘ he added. 

The visit of the delegation and a set of conferences to be organised will be useful to harness the opportunities of contract manufacturing, clinical trials etc and offer a ‘great deal’ of opportunities to overseas companies in India. A conference and B2B meetings are proposed for two days in each country.

Indian missions are inviting officials from the Ministry of Health, Ministry of Economy & Ministry of Foreign affairs, Regulatory Agencies & Procurement agencies for their deliberations in the conference.

Apart from the focused three countries, buyers from all other countries of LAC region are invited for iPHEX LATAM and the Indian delegation is going to have business meetings with them. Indian pharma exports to LAC.

Emerging market

According to Pharmexcil data, Latin America is the emerging market for Indian pharmaceuticals with a share of 6.8 per cent ($1.72 billion) in its total exports of $25.4 billion during FY 2022-23.

Exports during April-December period of FY24 were at $1348 million with 5.53 per cent growth. Brazil is the largest trade partner for Indian pharmaceuticals in the Latin America region followed by Colombia and Chile. The total pharma market in the region is estimated to be around $59. 77 billion (Patent & generic together and Excluding, Mexico ) in 2023.

“There are strengths for Indian pharma companies to step up exports further to LATAM markets as the shift in the demographics towards an ageing population and non-communicable diseases increases demand for medication of chronic diseases. The region’s geographic position and low operational cost will keep pharmaceutical exports competitive,” Bhaskar said.