The Hindu : Andhra Pradesh News : Minister moots pharma tie-ups with CIS

Online edition of India's National Newspaper
Friday, Feb 25, 2005

Andhra Pradesh

Andhra Pradesh

Minister moots pharma tie-ups with CIS

By Our Special Correspondent

HYDERABAD, FEB. 24. The Union Minister of State for Commerce and Industry, E. V. K. S. Elangovan, said Indian pharmaceutical and chemical manufacturers were keen to step in as joint venture partners and have manufacturing tie-ups with countries that constitute the Commonwealth of Independent States (CIS).

He was addressing participants after inaugurating the Indo-CIS Health Summit, organised here on Friday by the Basic Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council (CHEMEXCIL).

Cost-effective

Indian pharma companies could trade and invest in CIS countries for mutual benefit. He felt the CIS countries would have cost benefits if they sourced their requirements from India.

He pointed out world prices were five to 20 times higher than Indian prices. India today was one of the most cost-effective health care destinations in the world.

In the last five years, the number of patients visiting India for treatment increased from 10,000 to one lakh per annum.

India could also provide expertise in setting up medical systems and infrastructure for CIS countries.

Boosting ties

India produced nearly 8.5 per cent of world's drug requirements in terms of volume and the pharma industry here was valued at $5 billion, growing at 14 per cent, he said.

During 2003-2004, pharma exports to CIS countries were about Rs.945 crores, which constituted 20 per cent of Indian exports to that region.

Mr. Elangovan said the Government launched the Focus CIS Programme in April 2003, to enhance bilateral economic ties with those countries.

Satish Wagh, Chairman, CHEMEXCIL, said its exports during 2003-2004 were $5,745 million, of which drugs and pharmaceuticals accounted for $3,113 million.

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