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Russia extends invitation for potential partnerships with Indian pharma companies
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Shardul Nautiyal, Mumbai
March 16 , 2024
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In a bid to foster international collaboration in the medical industry, the Novosibirsk region of Siberia in Russia has extended an invitation for cooperation with Indian companies. The invitation, conveyed through the Pharmaceuticals Export Promotion Council of India (Pharmexcil), opens doors for potential partnerships aimed at advancing enterprises and organizations in the region.
The initiative stems from a recent communication received by Pharmexcil from the Economic and Commercial Wing at the Embassy of India in Moscow, Russia. According to the proposal, Medical Industry Enterprises in the Novosibirsk region have demonstrated a keen interest in collaborating with Indian counterparts.
The proposal outlines opportunities for Indian companies to engage in exporting a variety of products to the Republic of India. A comprehensive list of products earmarked for export has also been shared. Pharmexcil has urged its member-exporters to explore potential collaborations by directly contacting the listed organizations as specified in the proposal.
Uday Bhaskar, director general of Pharmexcil said, “The invitation signifies a significant opportunity for mutual growth and advancement in the medical industry between India and the Novosibirsk region of Siberia, Russia.”
He further added that the proposal underscores the importance of international cooperation in fostering innovation and growth within the medical sector. With India being a prominent player in pharmaceuticals and medical exports, this collaboration holds promise for further enhancing bilateral ties and expanding market reach for both parties involved. Pharmexcil looks forward to facilitating meaningful partnerships between Indian companies and medical industry enterprises in the Novosibirsk region.
This initiative marks a step towards harnessing the collective expertise and resources of both nations to address global healthcare challenges and drive economic prosperity.
The Russian pharmaceutical market reached approximately 2.6 trillion Russian rubles in 2022, marking a nearly 12-per cent increase from the previous year. The value of pharmaceutical sales was forecast to increase to 2.9 trillion Russian rubles in 2024.
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