The Indian Pharmaceutical industry is strategically moving steps to double its exports from current value of US$ 10.4 billions to US$ 25 billions by the end of March 2014. Keeping this in view, the council for pharmaceutical exports in India (Pharmexcil), with the support of Ministry of commerce and Industry, has organized the India-LAC business meet. About 80 delegates from all the Latin American countries (LAC) have taken part in the event to discuss business modalities with their Indian counterparts for the past 3 days since 28 th September 2011, in Hyderabad.
Buyers, dealers, government purchasers, agencies, manufacturers and researchers from all the LAC have come to Hyderabad to participate in the meet and to build pharmaceutical business relations with the Indian Pharmaceutical industry.
The main objective of the event is to provide a platform for the Indian pharmaceutical community especially for the Indian Pharma exporters to enhance their business opportunities with the Latin American Countries. This opportunity is a great platform particularly for the SMEs in the country.
Pharmexcil has termed the business meet as ‘Reverse-buyer-seller’ meet, because the meeting involves 3 exclusive business sessions where about 110 Indian exporters will have a chance to network one-on-one with 76 delegates from 14 LAC.
The LAC region is regarded as a very important pharma exporting destination for India. So far 14 LAC have been doing substantial purchases of generics and bulk drugs from the Indian pharma companies. The ministry of commerce and industry has evolved a policy to tap the maximum markets of Latin America, Asia, Africa, and the Caribbean countries. Total imports of drugs and pharmaceuticals of Latin American region is around US$ 19626 million and India’s share is 2.20 per cent with about US$ 433 million of exports in 2009. On the other hand, pharmaceutical exports of India during FY 2010-2011 have increased to a tune of US$ 10.40 billion. Major products exported include APIs Pharmaceutical formulations, biotech products, veterinary drugs, medical devices etc to about 230 countries in the world.
“Considering huge potential for the Indian pharma exporters to enhance their export performance to LAC countries, this business meet will provide a unique opportunity for the Indian Pharma exporters, particularly SME sector to build their business network with the visiting pharma traders of the LAC countries,” said T S Appa Rao, principal secretary, Department of Commerce and Industry, Andhra Pradesh.
“We want both India and LAC to understand their regulations, laws and registration process. This gives us an opportunity to build a long term business relationship and helps us to increasing our exports in the future,” said Dr P V Appaji, executive director, Pharmexcil.
The event is marked by presentations on drug regulatory systems by concerned officials of various LAC countries and plant visits for the LAC authorities. The Indian government agencies will showcase the country’s strength in R&D, quality control, process development, manufacturing, local laws, regulation and drug registration procedures.