https://sputniknews.in/20230407/india-can-play-a-key-role-in-russias-pharmaceutical-independence-russian-firm-1458146.html
India Can Play a 'Key Role' in Russia's 'Pharmaceutical Independence': Russian Firm
India Can Play a 'Key Role' in Russia's 'Pharmaceutical Independence': Russian Firm
Sputnik India
Russian pharmaceutical companies which attended view India as a key partner in not only supplying crucial drugs at affordable prices, but also in jointly developing innovative technologies and set manufacturing bases.
2023-04-07T16:55+0530
2023-04-07T16:55+0530
2023-04-07T16:55+0530
indo-russian relations
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Russian pharmaceutical companies which attended the India-Russia Business Forum view India as a key partner in not only supplying crucial drugs at affordable prices, but also in jointly developing innovative technologies and set manufacturing bases.European companies such as Bayer, Novartis and Sanofi ranked as the biggest supplier of pharmaceutical products to Russia till last year. The companies plans to continue their supplies in spite of western sanctions have been affected by exclusion of Russian banks from SWIFT networks and disruption in connectivity, per reports.For its part, India ranks as the biggest supplier of generic drugs in the world and is the third-biggest supplier of pharmaceutical products. It has also been involved in efforts to meet its pharmaceutical needs through local manufacturing under Prime Minister Narendra Modi's 'Make in India' policy.Sputnik spoke to Sergey Smirnov, a representative for Russian pharmaceutical company Bryanskfarmatsiya Gup, on the sidelines of India-Russia Business Forum:Sputnik: Could you please give us a sense of the Russian pharmaceutical industry? Have the western sanctions affected the industry?Smirnov: The Business Forum has given us a very good opportunity to talk to each other. Sharing of information and dialogue are very important.The pharmaceutical industry is developing at a very rapid pace in Russia. It is important to acknowledge that it is not so much because of the sanctions. Even before the sanctions kicked in, it was understood that we need our own products and our own industry.But if we asks ourselves if that is enough. Of course, it is not enough.First of all, because there are still many pharmaceutical products that we can’t produce by ourselves.Secondly, there are many innovative products which for which we need expertise from other places.So, we are looking for some partnerships and develop foreign supply chains. India, of course, has one of the fastest growing pharmaceutical industries in the world.India could play a key role.Sputnik: How deeply is India currently involved in the Russian pharmaceutical sector? What are the prospects of intensifying exchanges in the pharmaceutical sector, given that both the countries are actively looking to diversify the trade basket?Smirnov: There are obviously many opportunities available towards building a stronger cooperation between India and Russia in the pharmaceutical sector. This forum has shown us that we could do that.I recall that there was already very strong cooperation between our countries in this sector during the Soviet-era. Many of our companies were providing pharmaceuticals in India back then. And Indian medicines have had track record of being reliable and affordable in our country. That was then.During my interactions with Indian pharmaceutical companies, we have been made aware of the government incentives provided by your Prime Minister (Narendra Modi) towards further development of the pharmaceutical sector. Prime Minister Modi has called India the ‘pharmacy of the world’.(The most recent version of India’s National List of Essential Medicines (NLEM) was launched in 2022. A total of 384 life-saving and therapeutic drugs have been included in the list).Sputnik: You have been holding meetings with the Indian pharmaceutical companies. How upbeat are the Indian companies when it comes to cooperation with the Russian ones? Are there any concerns about cooperation being affected by western sanctions?Smirnov: First of all, I would like to highlight is that even though we speak different languages, we have the same business values and we understand each other quite well. That is also because of strong relations between our governments which have stood the test of time. That gives me a very good feeling.They can acquire technologies and expertise from elsewhere, or enter into partnerships to help us deliver these products.Another thing I would like to highlight is that we are not only talking about the supply of finished products. Small and medium Indian companies have also expressed willingness to transfer some of the ingredients which we are lacking. Indian companies have also said that the are open to the transfer of technology in certain areas to help set plants in Russia.Sputnik: There are now talks about encouraging the use of local currencies in trade between India and Russia. How significant could such a step be for enhancing cooperation in the pharmaceutical sector?Smirnov: I believe that trading in local currencies would present us with more opportunities. Such a mechanism would make us less dependent on a third party, which is sometimes not so friendly and creates obstacles in processing of payments. I am personally happier with seeing more cases of trading in local currencies because that makes trade cooperation more efficient.
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India Can Play a 'Key Role' in Russia's 'Pharmaceutical Independence': Russian Firm
Bolstering ties between Russia and India in the pharmaceutical sector has emerged as one of the promising areas of trade at the India-Russia Business Forum this week in New Delhi.
Russian pharmaceutical companies which attended the India-Russia Business Forum view India as a key partner in not only supplying crucial drugs at affordable prices, but also in jointly developing innovative technologies and set manufacturing bases.
European companies such as Bayer, Novartis and Sanofi ranked as the biggest supplier of pharmaceutical products to Russia till last year. The companies plans to continue their supplies in spite of western sanctions have been affected by exclusion of Russian banks from SWIFT networks and disruption in connectivity, per reports.
For its part, India ranks as the biggest supplier of generic drugs in the world and is the third-biggest supplier of pharmaceutical products. It has also been involved in efforts to meet its pharmaceutical needs through local manufacturing under Prime Minister Narendra Modi's 'Make in India' policy.
Sputnik spoke to Sergey Smirnov, a representative for Russian pharmaceutical company Bryanskfarmatsiya Gup, on the sidelines of India-Russia Business Forum:
Sputnik: Could you please give us a sense of the Russian pharmaceutical industry? Have the western sanctions affected the industry?
Smirnov: The Business Forum has given us a very good opportunity to talk to each other. Sharing of information and dialogue are very important.
The pharmaceutical industry is developing at a very rapid pace in Russia. It is important to acknowledge that it is not so much because of the sanctions. Even before the sanctions kicked in, it was understood that we need our own products and our own industry.
We have to get pharmaceutical independence from external supplies. That has always been the task given to us (industries) by President Vladimir Putin. And these efforts have helped us achieve some degree of success. In the last few years, we have seen huge pharmaceutical plants manufacturing high-quality pharmaceutical products.
But if we asks ourselves if that is enough. Of course, it is not enough.
First of all, because there are still many pharmaceutical products that we can’t produce by ourselves.
Secondly, there are many innovative products which for which we need expertise from other places.
So, we are looking for some partnerships and develop foreign supply chains. India, of course, has one of the fastest growing pharmaceutical industries in the world.
Now, partially due to sanctions, some European companies have stopped supplying pharmaceuticals to Russia. We either do it ourselves or find these supplies elsewhere.
India could play a key role.
Sputnik: How deeply is India currently involved in the Russian pharmaceutical sector? What are the prospects of intensifying exchanges in the pharmaceutical sector, given that both the countries are actively looking to diversify the trade basket?
Smirnov: There are obviously many opportunities available towards building a stronger cooperation between India and Russia in the pharmaceutical sector. This forum has shown us that we could do that.
I recall that there was already very strong cooperation between our countries in this sector during the Soviet-era. Many of our companies were providing pharmaceuticals in India back then. And Indian medicines have had track record of being reliable and affordable in our country. That was then.
During my interactions with Indian pharmaceutical companies, we have been made aware of the government incentives provided by your Prime Minister (Narendra Modi) towards further development of the pharmaceutical sector. Prime Minister Modi has called India the ‘pharmacy of the world’.
We are also very interested in developing affordable medicines, and have been told about efforts being made by the government in reducing margins on some life-saving medicines. We also need affordable drugs and healthcare products. Indian drugs have a big market in Russia and our companies can help advance cooperation in this domain. I believe that we will significantly improve our cooperation.
(The most recent version of India’s National List of Essential Medicines (NLEM) was launched in 2022. A total of 384 life-saving and therapeutic drugs have been included in the list).
Sputnik: You have been holding meetings with the Indian pharmaceutical companies. How upbeat are the Indian companies when it comes to cooperation with the Russian ones? Are there any concerns about cooperation being affected by western sanctions?
Smirnov: First of all, I would like to highlight is that even though we speak different languages, we have the same business values and we understand each other quite well. That is also because of strong relations between our governments which have stood the test of time. That gives me a very good feeling.
The Indian companies have been very receptive and very open to enter new collaborations with us. They are ready to provide what we need in Russia. What’s also important is that Indian companies have told us that even if they don’t have a product we are looking for in Russia, they can think out of the box.
They can acquire technologies and expertise from elsewhere, or enter into partnerships to help us deliver these products.
Another thing I would like to highlight is that we are not only talking about the supply of finished products. Small and medium Indian companies have also expressed willingness to transfer some of the ingredients which we are lacking. Indian companies have also said that the are open to the transfer of technology in certain areas to help set plants in Russia.
Sputnik: There are now talks about encouraging the use of local currencies in trade between India and Russia. How significant could such a step be for enhancing cooperation in the pharmaceutical sector?
Smirnov: I believe that trading in local currencies would present us with more opportunities. Such a mechanism would make us less dependent on a third party, which is sometimes not so friendly and creates obstacles in processing of payments. I am personally happier with seeing more cases of trading in local currencies because that makes trade cooperation more efficient.
