India to set up joint pharma venture in Russia, Pharmexcil seeks suggestions from industry

Our Bureau, HyderabadWednesday, July 12, 2017, 08:00 Hrs  [IST]

As India is planning to set up a joint pharmaceutical venture in Chelyainsk region of Russia, Union ministry of Commerce & Industry,  has decided to seek views and suggestions from the Indian pharmaceutical industry. In this regard, the Pharmaceuticals Export Promotion Council of India (Pharmexcil) has decided to organize an interactive meeting with senior officials from the government and the industry leaders on July 17.

“With changing international policies in regulating pharmaceutical industry, India needs to realign its priorities and must constantly engage with members of international community to mould itself and increase its exports. As Commonwealth of Independent States (CIS) and Russian region are  of great strategic importance for Indian pharmaceutical exports, the proposed Joint Pharmaceutical Venture is a great opportunity for the Indian pharma industry said,” Uday Bhaskar, Director General of Pharmexcil.

Given the fact that Russia is the largest market in the Central & Eastern Europe (CEE) Region with emphasis on generic medicines, the proposal to set up a Joint Pharmaceutical Venture in Russia will be a great move by India, feels industry experts.  Russian domestic market is expected to provide significant opportunities to Drug Manufacturers in the short-to-medium term. The Eurasian Economic Union (EAEU) will provide long-term export potential for Indian manufacturers.

In fact the proposal to set up a joint pharmaceutical venture came to fore during a recently concluded inter ministerial meeting between India and Russia. Boris Dubrovsky, Governor of the Chelyabinsk region of the Russian Federation had sought proposals for setting up of joint ventures in this region.

As part of this, Pharmexcil has invited the Indian exporters to CIS region to take part in this interactive meeting on July 17 in Hyderabad and asked to share their views with the ministry of commerce as to how to go about the joint venture between the two countries.