As part of its initiative to promote Indian pharmaceutical industry in the Eastern European countries, Pharmexcil, with the support of ministry of commerce, is scheduled to take a business delegation to three Eastern European countries of Hungary, Czech Republic and Romania under marketing development assistance (MDA) scheme and is expected to organize buyer seller meets in these  important countries from 15 to 25 February.

In order to explore pharma markets in these countries, a trade delegation constituting members of Indian pharma industry is expected to visit the European pharmaceutical markets and avail export opportunities for high quality Indian generics.

“As eastern European countries have huge potential, we are mounting a trade delegation to three important countries initially. With this initiative we are aiming to promote Indian pharmaceutical industry in these unexplored regions. As there is a huge aging population, the demand for affordable generics is very high in this part of the world. As part of this, we would like all the members to take advantage of this visit and build a strong export business,” informed Dr Appaji, Director General of Pharmexcil.

Currently, the generic markets in Czech Republic comprises of 34 per cent of total market amounting to $1.23 billion.  As per 2013-14 statistics India’s share of generic exports constitute about $12.06 million, amounting to one per cent of its total exports. By promoting Brand India Pharma in the Eastern European countries, there is a great scope for furthering this share.

In Romania, generic drugs dominate 75 per cent of its market by volumes and it amounts to $983 million in value terms. “Furthering India’s networking with Romania is expected to grow by CAGR of 7 per cent up to 2018. FDIs are encouraged by Romanian Government. Acquiring local units will help in getting easy access to other European markets. Presently, India's exports are to the tune of $27.50 million with less than three per cent in the generic market of Romania,” says the DG.

The generic market of Hungary in 2013 was worth $863 million, comprising of 34 per cent of total market. Due to heavy price cuts imposed by Hungarian government, local companies are looking for business outside Hungary, leaving scope for Indian generics because of price advantage. Hungarian government is also keen to come to an understanding on regularization of traditional medicines.

As per Indian industry experts, the other important factor that are considered for exploring Eastern European markets is that these countries have the advantage of easier access to large European Union (EU) market and easier access to other developed markets. Further, mutual recognition law facilitates easier access to other EU markets and other western markets including USA. Cost of operation in these countries is also lower in comparison to most of the EU nations hence easier to export to other EU nations.