The "pharma revolution" which made India almost self sufficient in the production of medicines, is the profound achievement of India in the 20th century, feels Rajiv Pratap Rudy, Union Minister of State for Commerce. Inaugurating the four-day Indo-Latin America Health Summit, organised here at Pragati Maidan by the Department of Commerce Ministry of Commerce & Industry, Government of India and the Federation of Indian Chambers of Commerce & Industry (FICCI) today, the minister claimed that India is manufacturing 300 basic drugs and has achieved the capability to become a leading player in world pharma sector.
He wanted the Latin American Countries (LAC) to make use of Indian capabilities and ensure quality drugs at 3 to 20 times lesser prices than what they are paying to the companies in the developed countries now.
Delivering the keynote address, Dipak Chatterjee, Commerce Secretary, noted that India has $ 2 billion trade relationship with LAC. He also pointed out that 30% of the R&D personnel in pharmaceutical research centers world over are Indians. He felt that Indian contribution in terms of trade share as well as development of qualified manpower would see tremendous increase in the coming days.
Earlier, Rajendra S Lodha, president FICCI wanted the government of Latin America to initiate appropriate legislations to enable Indian companies to enter LAC market in an easier way. He called for faster registrations and appropriate steps to circumvent non-tariff barriers to ensure greater Indian presence in LAC markets. "Indian anti-retrovirals cost less than 5% of the cost in the West. LAC will benefit much by taking such decisions", he said.
EXIM Bank is associated with the Summit and is an event partner.
The summit has seen high-level Health Ministry delegations from Uruguay, Paraguay, Chile, Peru, Bolivia, Brazil, Jamaica, Guyana, Panama, Nicaragua and Trinidad & Tobago. Ministers/Vice-Ministers of Health from five of these countries are leading their delegations.
Renowned Indian pharma companies like Alkem Laboratories Famy Care Ltd, Ipca Laboratories, Unichem Laboratories, Elder Pharmaceuticals, Alembic Ltd, Aurobindo Pharma, Orchid Healthcare, Ranbaxy Laboratories, Unique Healthcare, Unimark Remedies, Torrent Pharmaceuticals, Cadila, Dr Reddy's Laboratories etc. are showcasing India's capabilities in the pharma and healthcare sectors to the visiting Latin American delegations at an exhibition in Pragati Maidan, New Delhi.
Latin America with a population of about 500 million has immense potential for the export of India's pharma and health sector products and services. Presently Latin American countries import their pharmaceutical requirements in bulk from the developed countries at a much higher cost compared to the Indian prices. It is projected that government spending on the health sector in Latin America would grow at approximately 8.5% per annum. According to an estimate the market potential for pharma products in Latin America is about US$ 28 billion. India's share in this huge market is currently less than 1% indicating the tremendous potential for growth.
In addition to showcasing Indian capabilities in the field of pharmaceuticals biotechnology and healthcare services, this Summit will also underscore India's capability to offer a steady and sustainable supply of drugs of international quality at very competitive prices.
This Summit will provide an opportunity to the Latin American participants to interact with leading Indian pharma companies and healthcare services providers. This will lay the foundation for sustainable partnerships in the pharma and healthcare sectors in the form of Indian joint ventures and subsidiaries in the Latin American countries.