The Confederation of Indian Industry (CII) is holding the second Indo-Latin America (ILA) pharma meet in Hyderabad and Mumbai from May 19-23, 2003. The meeting will be held in Mumbai from May 19-21, 2003 and in Hyderabad on May 22-23, 2003. The meet will act as a platform for representatives of the drugs and pharmaceuticals industry to interact and obtain information about the business opportunities in the countries of the region. The meeting would help Indian exporters tap the fast growing pharma markets in Latin American countries, according to a press release from CII.

About 25 high-level representatives from the drugs and pharmaceuticals industry of important countries in Laqtin America such as Chile, Colombia, Mexico, Paraguay and Venezuela were coming to India to participate in the meetings both in Mumbai and Hyderabad.

The delegates include senior representatives from formulation laboratories, importers of formulated pharmaceuticals, importers of bulk drugs and major drugs and pharmaceutical distributors.

According to the CII press release, these buyers were chosen in consultation with the Indian missions in the region. A large number of buyers would be coming from the formulation laboratories which were looking for sourcing raw materials, contract research, contract manufacturing of formulations, sourcing generics and R&D services. The delegates would also be seeking joint ventures and strategic tie-ups.

The major generic companies include the multi-million dollar IVAX Corporation and Lab Kimiceg of Venezuela and Lab Silanes of Mexico. The teams would also consist of importers and distributors of formulated pharmaceuticals such as Pharma 100 of Venezuela that reaches six million members of 8 health trusts.

The first ILA meeting was held in March 2002, which was very successful, claims the CCI press release. India's current trade pattern with the region indicates drugs and pharmaceuticals as one of the major items of export.