The union commerce ministry is soon to finalise a list of drugs that are to be included among the preferential items that could be exported to Latin American Countries as per a preferential trade agreement mooted between India and Latin American countries.
The ministry has initiated consultations with various stakeholders to identify the drugs that could be included in the list. The preferential trade agreement plans with Chile are in advanced stages, sources informed.
Meanwhile, a high level official and business delegation consisting officials from the federal ministry of health and representatives from the private sector of Mexico is visiting India. The objective of the visit is to understand the capabilities of the Indian Pharmaceutical sector.
The pharmaceutical sector in Mexico, representing 1.18 per cent of the national GDP is the world's ninth biggest and the largest market in Latin America. With a market size of US$ 9.244 billion, the private sector constitutes 80 per cent of the market in terms of value and 20 per cent in terms of volume. With an increasingly conducive environment and health regulations, the Mexican Pharmaceutical market is expected to grow significantly in the next few years.
Taking advantage of the visit, Confederation of Indian Industry (CII) has announced its plans for an interactive Session on "India - Mexico: Opportunities in the Pharmaceutical Sector" in New Delhi. The session is expected to provide an excellent opportunity to interact with the officials at the highest level and to know in detail the possible business opportunities available with Mexico.