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Pharmexcil to organise business delegation to Colombia, Guatemala & Chile from February 3 to 14, 2024
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Shardul Nautiyal, Mumbai
October 31 , 2023
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The Pharmaceuticals Export Promotion Council of India (Pharmexcil) is organizing a business delegation to Colombia, Guatemala and Chile between February 3 and February 14, 2024 for export promotion. It has urged the member companies to participate and also avail Market Access Initiative (MAI) Scheme.
The business delegation is being organised with the support of the Ministry of Commerce and Industry, Government of India (GoI). The main objective of the delegation is to conduct meetings with the senior officials of the health ministries and with local associations to enhance export potential.
IPHEX-LATAM (Pharmexcil Business Delegation to Colombia, Guatemala and Chile) is a welcome step considering the nature of Latin American Countries (LAC) region as a key focus region for pharmaceutical exports from India. It also has the potential for generics and APIs, especially with reference to the emerging business opportunities in LAC region and other markets
According to Uday Bhaskar, director general of Pharmexcil, “With the LAC showing high potential for the high quality and low-cost generic medicines in their markets, the region offers a lot of potential for Indian pharmaceutical exports. There has been a gradual growth trend in the exports, if we look at the Indian pharmaceutical export statistics to some of the LAC region countries over the past one decade.”
“We can further enhance this export potential, however, it is important for us to understand their needs and requirements,” Bhaskar added.
As part of the business delegation, buyer seller meets (BSMs) will be organised at each country along with meetings with the regulatory officials and prominent trade associations. “We are proposing to invite Business delegates from neighboring countries as well for B2B meetings with Indian delegation,” informed Bhaskar.
As per the statistics available from Pharmexcil, the export trend of Indian pharmaceuticals to Peru, Mexico, Colombia and Chile in the LAC region shows a steady growth trend. In the year 2016-17, India’s pharmaceutical exports to Peru were recorded at US$ 50.79 million, this has increased to US$ 52.27 million in the subsequent year and after that it has recorded a considerable growth and set US$ 84.61 million, showing a whooping growth of US$ 32.34 million during the period 2018-19.
For Mexico, the export trend is showing some ups and downs. While it was recorded US$ 157.47 million in 2016-17, this increased to US$ 164.73 million in 2017-18 and from there on it has declined slightly and remained at US$ 159.35 million.
The Indian pharma export growth to Colombia and Chile has been showing a continuous increase. For instance Columbia, which recorded US$ 71.08 million pharmaceutical imports from India in 2016-17, increased it to US$ 85.77 million in 2017-18 and from there it further rose to US$ 92.93 million in 2018-19. Similar is the case with Chile. Chile imported Indian generic medicines worth US$ 66.18 million in 2016-17 and that increased it to US$ 73.48 million in the subsequent year and from there on it increased to US$ 108.17 million in the year 2018-19.
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