|
The Pharmaceuticals Export Promotion Council of India (Pharmexcil) will partner with Australia India Business Council (AIBC) to facilitate Indian pharma industry realize its objective of resilient supply chain for active pharmaceutical ingredients (APIs) and faster regulatory approvals in Australia.
AIBC is the leading business chamber in Australia responsible for the country’s trade relationship with India.
This comes close on the heels of the Indo-Enhanced Cooperation and Trade Agreement (ECTA) signed between India and Australia. The ECTA agreement will help Indian pharma companies get regulatory approvals faster in Australia, seen as a market with one of the toughest clearance mechanisms. This will also help to reduce Australia’s dependence on APIs from other countries.
Pharmexcil will also lead a delegation of over 20 pharma companies in the first week of February 2023 to Australia to further boost business partnerships with the pharma industry stakeholders. This is a part of the pharmaceutical supply chain resilience initiative following India’s Free Trade Agreement (FTA) with Australia. The delegation will be led by Udaya Bhaskar, Director General, Pharmexcil.
The delegation will usher in a broad based and open ended discussion with Australian TGA with focus on sourcing APIs, more so, as there is no active API industry in Australia. Australia’s pharma market is of 14.6 billion USD size in 2021 and is largely a patent driven market with a share of 70%. Generics has a little share of 12% and is valued at 1.7 billion USD.
India has exported medicines worth 387 million USD in FY-2021-22 with a growth rate of 11.6%.
“We are restructuring a detailed plan of action or meetings for a successful partnership with Australia India Business Council. Pharmexcil also had a roundtable with AIBC officials along with important pharma companies in Hyderabad to facilitate the Indian Pharma industry towards the objective of increasing the resilience of pharma products supply chains in Australia,” explained Lakshmi Prasanna Chundu, director, regulatory affairs, Pharmexcil.
“The AIBC delegation which we had talks with in Hyderabad was led by Jodi McKay, who is the National Chair of the AIBC. She is well known and respected for her work over 15 years as a Member of Parliament - where she served as a Cabinet Minister and Opposition Leader,” added Chundu.
In Cabinet, Jodi was responsible for the portfolios of Tourism, Small Business, Health (Cancer), Science and Medical Research, Commerce and Women’s Policy. In Opposition, she led the portfolios of Transport, Roads, Police, Planning and Multiculturalism. Jodi is also a Vice Chancellor’s Fellow - South Asia for Western Sydney University - where she advances industry and research outcomes and champions Australia’s growing Indian diaspora.
|