Both Iran and India have been engaged in strong trade ties to export and import drugs. We need to further expand our presence. The pharma sector in Iran is looking for joint ventures with Indian drug manufacturers. The two countries are known for its excellence in pharmaceuticals and its qualified pool of personnel. There is need to maximize the potential of the two countries, said Gholamreza Ansari, Ambassador of Islamic Republic of Iran. He was in Bengaluru recently on the invitation of Federation of Karnataka Chamber of Commerce (FKCCI).

While Indian pharma industry has voiced its concerns over transport logistics, delay in drug registrations and no permission to courier samples despite being accompanied with valid proof and reasons, Iran is now willing to look into the these issues and provide a solution to the drug manufacturers from  the country.

“Currently, India is doing good business in Iran. The country is most sought for its formulation and bulk actives. Iran sees Indian pharma as  vibrant sector on the move. The drug manufacturing industry in Iran sets tough standards for approval and it is extremely difficult to meet some of the stringent norms. However, India which has the largest number of US FDA-approved production plants seems to be comfortable in the region  going by the trade earnings so far, Ansari told Pharmabiz adding that there was considerable scope for growth and we are willing to give a helping hand.

The 100 per cent FDI announcement from the government of India will now give an opportunity for pharma industry in Iran to look at strategic investment in India. This should be reciprocated by the Indian pharma who could also set up production facilities in the region to make the most of the demand from Iran industry, he added.

“We would look at removing trade barriers like transport, logistics and increase the shipping vessels which is currently one container from Mumbai.  Iran will also look to attract more Indian banks. This is because all trade transactions are permitted only by UCO Bank,” said Ansari.

According to FKCCI, the change of government in Iran is paving the way for enhanced trade from the pharmaceutical sector which is expected to give a boost to bilateral trade enabling to cross $20 billion mark, up from $15 billion it logged during 2012-13.