Indian pharmaceutical firms are looking for partners in the Philippines for the distribution and production of medicines as they seek to take advantage of the vastly expanding market for affordable quality drugs here.
Representatives of 12 Indian companies are now in the country to meet with local importers, distributors, retailers and manufacturers of medicines through the efforts of the Indian Embassy, the Philippines-India Business Council (PIBC) and the Pharmaceuticals Export Promotion Council (Pharmexcil) of India.
Indian Ambassador Yogendra Kumar said the Indian companies were looking at different types of cooperation, from distribution to joint ventures for production and marketing in the country.
Indian Ambassador Yogendra Kumar said the Indian companies were looking at different types of cooperation, from distribution to joint ventures for production and marketing in the country.
He noted that medicines from India, whose prices are eight times lower than those branded drugs, are now beginning to get wider acceptance in the Philippine market.
“In April 2007 to March 2008, Indian exports medicines to the Philippines totaled only $30.06 million. But from April 2009 to March 2010, the value rose to $49.15 million, or an increase of 63.5 percent. So this is a fast-growing sector in our bilateral trade,” Kumar told the BusinessMirror at the Pharmexcil Buyer-Seller meeting on Wednesday at the Dusit Hotel in Makati.
Abhay Kumar Sinha, head of the delegation, said Indian drug manufacturers will be able to meet the requirements of markets like the Philippines for affordable medicines but the quality is on a par with those produced by multinationals.
Sinha said they were aware that Indian-made medicines were on the receiving end of negative reports in the Philippines. But to prove that these were false, he said the Indian government was willing to invite representatives from the Philippine private sector and concerned state agencies to visit their plants in India.
The Indian delegation includes Agron Remedies Pvt. Ltd., Axon Drugs Pvt. Ltd., Ayurvet Ltd., Ban Labs Ltd., Corona Remedies Ltd., Global Pharma Healthcare Pvt. Ltd., Meenaxy Pharma Private Ltd., Natural Capsules Ltd., Protech Bioscience Pvt. Ltd., Rhydburg Pharmaceuticals Ltd., Rio Care India Pvt. Ltd. and West Bengal Chemical Industries Ltd.
They met representatives of several distributors, retailers and producers of medicines in the country, including Mercury Drug and United Laboratories.
Sumir Kuol, executive director of Protech, said their group’s main interest was to introduce in the Philippine market its brands of antibiotics, particularly dry powder injectables and large volume parenteral (infusions).
“We are looking for distributors but it depends on who will be our local partner if there will be local production. I think it would be more economical if we produce them here. We have a lot of options,” Kuol said.
Edward I. Isaac, president of the Philippine Chamber of Pharmaceutical Industry Inc., said the entry of more Indian drug makers in the country will certainly boost the efforts to make available most types of medicines at available prices. “The Indian companies will really help because what we don’t have, they can provide.”
*Opportunities are endless!
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