Pharmexcil to meet Commerce Ministry officials over Russia pharma JVs

The Pharmaceutical Export Promotion Council of India (Pharmexcil) will organise an interactive meeting with senior officials from the Ministry of Commerce and Industry, Government of India, to discuss the benefits of setting up joint ventures (JVs) in pharma sector at Chelyabinsk region of Russian Federation. The meeting will be held on July 17, 2017 in Hyderabad. Pharmexcil has urged its members exporting to Common Wealth of Independent State (CIS) market to avail this opportunity.

"Recently, in the Inter-Ministerial meeting, Boris Dubrovsky, Governor, Chelyabinsk Region of the Russian Federation, has sought proposals for setting up of JV in this region. Dubrovsky has proposed that the JV in the region will be extremely beneficial for Indian pharma manufacturers," said Udaya Bhaskar, Director General, Pharmexcil.

The Ministry of Commerce and Industry, Government of India, has also sought views / interest of the Indian pharma industry in setting up JVs in the Chelyabinsk Region of the Russian Federation.

"We are aware of the fact Russia is the largest market in the Central & Eastern Europe (CEE) Region with emphasis on generic medicines. 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. India and Russia will celebrate and build achievements of the past in view of the 70th Anniversary of India-Russia diplomatic relations," said Bhaskar.