In order to tap the vast under utilized opportunities available in the pharmaceutical markets of Latin American countries like Brazil, Argentina, Peru and Chile, the Pharmaceutical Export Council of India (Pharmexcil) is planning to organise a two-week business delegation to these countries from August 20.

Apart from participating in the convention of pharmaceutical ingredients (CPhI) at Rio de Janeiro, Brazil, a globally renowned pharma event where several pharma manufacturers and traders across the globe visit, the Pharmexcil is also planning a tour of the other potential pharma markets in the region like Argentina, Peru and Chile.

By organising the business delegation to Latin American countries, the Pharmexcil aims to exploit the potential of the region as exports from India to this region have been stagnant for the last couple of years. As per data available with Pharmexcil, Indian pharma export to Brazil during the 11 months of April, 2007 to February 2008 stood at Rs 673.20 crore against Rs 745. 30 crore during April 2006 to March 2007.

Likewise, the export to Argentina also did not register much progress during this period. It registered an export of Rs 130 crore against Rs 131 crore during the same period. Indian export to Peru during the period was Rs 69.68 crore against Rs 112.55 crore during the period and that of Chile was Rs 80.42 crore against Rs 70.39 crore.

Pharmexcil executive director Dr.P.V.Appaji said that there is good response from the exporters to the proposed business visit. Under the programme, the delegates can visit the CPhI exhibition on the last 2 days and buyer-seller meet would be organized at Rio de Janeiro, Brazil during CPhI on August 21 by inviting foreign buyers/visitors at the exhibition. The delegates can also visit Sao Paulo on August 22 before proceeding to Argentina, Chile and Peru.

The delegation is an approved activity under the MDA activity of the Council and it will be treated as an activity under Focus-LAC for the purpose of MDA grant. Desirous companies whose export performance is less than Rs.15 crore are eligible for MDA assistance as per the MDA guidelines. Members will be eligible for reimbursement of airfare only up to a maximum of Rs.1 lakh only, Dr Appaji said.