India seeks market access for drugs in Latin American countries

India is pressing for preferential market access for drugs and pharmaceutical items such as generics, active pharma ingredients (APIs) and alternative medicines in $58 billion South American market. A business delegation from India under the aegis of the commerce ministry visited Colombia, Bolivia, Peru and Brazil on 30 July-13 August, 2022 to discuss the plan with the health ministries and regulatory agencies of these countries. The Pharmaceuticals Export Promotion Council of India (Pharmexcil) views South America as one of the key emerging markets for the Indian pharmaceuticals sector with most global pharma majors pulling out from the region post Covid.

“Our aim is to promote Indian pharmaceutical exports in the Latin American and Caribbean Region (LAC) region and discover emerging opportunities for Indian companies. Currently, the region stands 4th in position for Indian exports. India’s pharma exports to the LAC region have grown from $ 869.96 million in FY-2017 to $ 1707.67 million in FY-2022 registering a compound annual growth rate of 14.5%. However, there is still a greater potential for the Indian pharma sector to strengthen their visibility and expand exports to this region," said Udaya Bhaskar, Director General, Pharmexcil.

During the covid-19 pandemic, most of the regions within LAC experienced economic decline; as a result many MNCs and pharma companies pulled out rom the region. Despite these covid challenges, Indian pharma export registered 18% growth in last two years. Pharexcil headed the delegation along with 61 Indian companies. India is the largest supplier of medicines to Bolivia. Indian MSMEs from the pharma sector will be highly benefitted once India gains access for supplying drugs in Latin American countries.

Source : Mint Mumbai Newspaper