Looking at encouraging export figures from Latin American Countries during 2007 and 2010 the Pharmaceutical Export Promotion Council of India (Pharmexcil) is now planning dig deeper into pharma markets of the region. As a part of this initiative, the Pharmexcil has proposed to send a business delegation to Chile, Peru, Columbia and Venezuela to explore more business opportunities for Indian pharma industry.

Moreover, many Latin American countries want to develop business relations with Indian pharma industry as they were impressed by India’s success story during their last visit to LAC conference held in Hyderabad. Many Latin American countries are attracted towards India as it is providing low cost medicinal products on par with global standards.

The export figures for Chile have grown almost 50 per cent, while Peru, Columbia and Venezuela have shown a consistent growth. India’s export to Chile during 2007-08 was Rs.89.77 crore, from which it has grown to Rs.107.32 crore during 2008-09 and Rs.164.65 crore in the year 2009-10. Similarly the exports to Peru have increased from Rs.110.05 crore in 2007-08 to Rs.116 crore in 2008-09 Rs.137 crore in the year 2009-10. For Columbia and Venezuela, the first two years i.e. from 2007-08 to 2008-09 a positive growth has been witnessed with exports growing from Rs.168.40 crore to Rs.270.80 crore and Rs.153.91 crore to Rs.214.12 crore respectively. But in the year 2009-10 there is a slight decline in the growth for both the countries.

Importing Country	2007-08	2008-09	2009-10
Chile	89.77	107.32	164.65
Peru	110.05	116.00	137.63
Columbia	168.40	270.80	241.52
Venezuela	153.91	214.12	190.54

Source: DGCIS (figs in Rs.In crores)

In view of promising export potential in the above LAC countries, the export promotion council of India wants the Indian Industry to tap it at the earliest. The council is seeking applications from members firms to participate in the delegation. The business delegation is expected to tour these three countries from February 12 to 25. Members participating in Buyer Seller Meets should forward their confirmation to the council by January 16.