India eyeballing entrée to Russian pharmaceuticals market
India has urged Russia to open its flourishing $19-billion pharmaceuticals market and accelerate the list of 500 drugs that it presently imports from India. India has urged Russia to let Indian pharmaceutical companies form joint partnerships with Russian companies.
India has demanded the Russian side to constitute a nodal agency to craft a joint committee for execution of MoU b/w Indian and Russian pharma companies, particularly in the field of quality control and standard essentials in accordance assessment of pharmaceuticals and bio-pharmaceuticals.
Russia’s pharmaceuticals market sprang up to $19 billion in 2011 from $6.6 in 2005, growing at a compound yearly growth rate of 23%. Still, there are a lot of non-tariff barriers Russia inflicts which makes it hard for foreign companies to move into this market, in terms of drugs registration and research and development of fresh drugs.
The National Institute of Pharmaceutical Education and Research (NIPER)
Already India has constituted its own nodal agency— The National Institute of Pharmaceutical Education and Research (NIPER) — under the Department of Pharmaceuticals. All the same, the Russian side is yet to constitute an suitable nodal agency.
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Month: Current Affairs - July, 2012