With a view to promote Indian exports to overseas markets further, especially to those less explored and having more potential, the Department of Pharmaceuticals (DoP) has launched initiatives to facilitate memoranda of understanding with more countries.

The Department, in coordination with Commerce Ministry, is in the process of consultations for finalization of MoUs with countries like Ukraine, Azerbaijan and other CIS countries. Similar consultations were going on also with Brazil and other Latin American countries for agreements at the government level, sources said.

“To facilitate pharmaceutical export promotion the Department maintains such data on the various aspects of pharmaceutical information related to major countries. Various reports related to domestic pharmaceuticals industry as well as global pharma market are to be procured. Availability of such information helps the Government of India in preparing such Memorandam of Understanding with various countries,” according to the Department sources.

“Reports related to pharma industries have been procured which gives a picture of Indian pharma industry and helps in taking views on various issues related to domestic as well as international trade. The department is in the process of consultation for finalization of such memoranda with many countries,” sources added.

The department wants to help the industry to tap the emerging potential in the overseas markets in the changing circumstances. Studies, supported by the Department, have found that geographic balance of the pharmaceutical market will continue to shift toward pharmerging countries. Pharmerging markets (BRIC, South Korea, Turkey, ASEAN, etc.) are expected to grow at a 14 to 17 per cent pace through 2014, while major developed markets (US, West Europe) will grow three to six per cent. As a result, the aggregate growth through 2014 from pharmerging markets will be similar to the growth experienced in developed markets — about $120  - $140 billion.