With a view to give a push to the exports and attract business to India, the Pharmaceuticals Export Promotion Council of India (Pharmexcil) has been closely working with the Indian embassies across the globe. It is understood that this strategic approach has helped the Council to garner widespread interest among the international community on the important role of Indian manufacturers as a global supplier of quality generic drugs.
To boost the Indian business and bring in overseas investment to the country, Pharmexcil has been prodding and following up with the Indian embassies to sensitise and educate prospective overseas investors about the Indian drug industry. Reports suggest that following the same, Indian embassies have been working very keenly to spread the goodwill about the Indian drug industry by conducting seminars and meeting at their respective place in association with the local bodies.
Pharmexcil has in the past also approached the embassy, but this year the response has been tremendous in gaining momentum from the overseas investors. The rise in the overseas activity comes in the wake of the impending iPHEX 2014 that is scheduled to be held in Mumbai from May 21 to 23.
Dr P V Appaji, director general (DG), Pharmexcil, who has been spearheading this initiative informed that their hard work is paying off in good terms, as more and more overseas investors have shown keen interest in doing business with their Indian counterparts. “Apart from brand building, the embassies have been assisting Pharmexcil in a pivotal way by urging foreign investors to work with India by making them understand the dynamics of Indian drug industry through repeated initiatives. Their pro-activeness is reflected by the number of overseas investors coming to India as exhibitors and delegates this time round through the iPHEX,” Dr Appaji added.
In fact, he pointed out that to facilitate and encourage more investors to the country, the Council has formulated a plan to provide financial aid to new overseas delegates interested in working with Indian manufacturers, a deviation from the norm.
Further Dr Appaji informed, “We have been constantly working towards attracting new business to Indian exporters, thus taking an unconventional route, this time we are going to provide financial assistance to foreign delegates who are new. Steps are also being taken by the government to identify and provide help to those overseas investors and delegates who had brought sizeable business to India during their last visit. This is to mark and show that we really do appreciate their collaboration and encourage them to further strengthen the ties with their Indian counterparts.”