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Pharmexcil to hold interactive session with representatives of Russia on April 13 to explore business opportunities
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Shardul Nautiyal, Mumbai
April 13 , 2023
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The Pharmaceuticals Export Promotion Council of India (Pharmexcil) in association with Indian embassy in Moscow is organizing an interactive session with the representatives of Moscow Region of Russia on April 13, 2023 to explore business opportunities.
The session will cover opportunities for Indian pharmaceutical companies in the Moscow Region, Russia.
“Moscow Region forms the largest consumer market in the whole of Russia and also serves as the main logistics and cargo hub. It is combined with developed investment infrastructure towards creating the most favourable environment for production set-up and delivery of goods throughout the country and abroad,” informed Udaya Bhaskar, director general, Pharmexcil.
India’s exports of drugs, pharmaceuticals & fine chemicals in FY 2021-22 to Russia was USD 597.81 million with the US at USD 7,101.60 million, UK at USD 704.51 million and South Africa at USD 612.30 millio.
Moscow region itself is number one in pharmaceutical consumption in Russia and number 2 in volumes of pharmaceuticals produced which is 28% of all medicines manufactured in Russia.
The interactive webinar aims to focus on exploring the opportunities of investment and promotion of Indian pharmaceutical drugs in the region. Keynote speeches from regional development and economic authorities will further elaborate on the significance of the Moscow Region in Russia followed by open interaction with select Indian companies.
Indian pharma exports to Russia had dropped 24 per cent due to the continuing war between Russia and Ukraine. In April to May 2022 exports were USD 68 million compared with USD 89 million in the same period last year, according to Pharmexcil.
Russia has been a significant market for Indian drug-makers with diverse exports including drugs and formulations, bulk drugs, intermediates, biologics, vaccines, Ayush, herbals and surgicals. The total exports to Russia from India increased 1.21 per cent in 2021-22 at USD 597.81 million compared to USD 590 million in 2020-21.
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