Keen to tap the growing export market for the veterinary medicines from India, the ministry of commerce plans to initiate special measures to promote veterinary medicines and investment opportunities in veterinary vaccine plants in Vietnam. Through this initiative, the Centre plans to create market opportunities for domestic sales as well as boost export of vaccines from Vietnam to other Asean countries.

This move comes in the wake of surge in demand for veterinary medicines and vaccines, both human as well as veterinary, from Vietnam and other ASEAN countries. It is understood that Vietnam is an important destination for Indian pharma exports in the ASEAN region.

Dr P V Appaji, director general of Pharmexcil informed that despite few challenges in exporting Indian medicines to Vietnam, country's exports for the year 2014-15 have grown by 8 per cent when compared to the previous year.

“The ministry is always on the lookout for favourable market trends that can be suitably utilised to spurt the growth of the Indian exporters. We have been shadowing the recent market demands and changing dynamics in these markets and found that it is the correct time to tap the same as it provides conducive growth factors. It is in this context that the department of commerce has proposed initiating measures to promote and encourage possible investments opportunities in veterinary vaccine plants in Vietnam by member companies,” Dr Appaji added.

He further urged member companies interested in exploring these export opportunities to give their suggestions at the earliest so that Pharmexcil could submit their recommendations to the ministry at the earliest.

It is understood that technological advancement in development of new active ingredients and biologics, increasing zoonotic diseases, and intense factory farming is fueling the growth of the animal healthcare market. Reports forecast that animal healthcare market is anticipated to expand CAGR of 5.1 per cent in the coming years, offering various biotechnology, feed manufacturers, and animal healthcare companies unprecedented opportunities in the space of animal healthcare market.