RUDY ASKS DRUGS & PHARMA
INDUSTRY TO TAP HUGE MARKET IN LATIN AMERICAN REGION
4-DAY
INDIA-LAC HEALTH SUMMIT BEGINS
Shri
Rajiv Pratap Rudy, Minister of State for Commerce & Industry,
has asked the drugs and pharmaceuticals industry to tap the huge
market existing in the Latin American Region, which is one of
the fastest growing pharmaceuticals markets in the world. Inaugurating
a 4-day India-LAC Health Summit (Sept.18-21), which is being organised
jointly by the Department of Commerce, Government of India and
Federation of Indian Chambers of Commerce & Industry (FICCI),
here today morning, Shri Rudy said that the Indian pharmaceutical
industry had a competitive edge in LAC market with cheaper price
and an abundance of highly trained scientific personnel. "Since
most of these countries do not produce
bulk drugs, India can hope to be a regular supplier", he
added. H.E.Dr.Alfonso Varela, Minister of Public Health, Uruguay,
Shri Dipak Chatterjee, Commerce Secretary, Shri R.S.Lodha, President,
FICCI, Shri T.C.Venkat Subramanian, Managing Director, EXIM Bank
and Dr.Amit Mitra, Secretary General, FICCI were present in the
function along with Ministers/Vice-Ministers from Latin American
countries and representatives of leading Indian drugs and pharmaceuticals
companies.
Shri
Rudy informed that India ranked fourth worldwide accounting for
8% of the world production by value and seventeenth in terms of
export value of bulk and finished pharmaceuticals. Citing the
benefits of favourable cost structure, high standard of business
ethics and a robust legal system as India’s strength, the Minister
said that the traditional medical system like the Ayurvedic system,
which had gained wider acceptance in the West as an alternative
system of medicine, could be tried in LAC region with the support
of the respective governments. "There is a need to reduce
the registration time and cost and the procedures streamlined
in the Latin American countries. The visa for professionals should
be made easy by the Governments of LAC region", he added.
In
his Keynote address, Shri Chatterjee stated that India had complied
with all the obligations of the TRIPS Agreement and added that
India’s regime would be at par with the developed countries once
Intellectual Property Rights (IPR) law became fully operational.
He said that India is more or less self-sufficient in 300 essential
drugs as compared to the LAC region and stressed the need to explore
new ways and means to realise the full potential to increase the
bilateral trade.
India’s
exports of Drugs & Pharmaceuticals to select 20 Latin American
countries has increased continuously from Rs.59.46 crore in 1995-96
to Rs.776.90 crore in 2001-02. It is projected that government
spending on the health sector in Latin America would grow at approximately
8.5% per annum. According to an estimate, the market potential
for pharma products in that region is about US$ 28 billion. India’s
share in this huge market is currently less than 1% indicating
the tremendous potential for growth. This Summit will provide
an opportunity to the Latin American participants to interact
with leading Indian pharma companies and healthcare service providers.
This will lay foundation for sustainable partnerships in the health
sector in the form of Indian joint ventures and subsidiaries in
the Latin American countries.
