https://sputniknews.in/20230921/russias-ideal-pharmaceutical-partner-india-offers-60-less-expensive-products-than-us-4362810.html
Russia's Ideal Pharmaceutical Partner: India Offers 60% Cheaper Products Than US
Russia's Ideal Pharmaceutical Partner: India Offers 60% Cheaper Products Than US
Sputnik India
Pharmaceutical industry pundits from India have urged the Russian government to replace stocks of European and US-made medicines in their country with similar goods manufactured in the South Asian nation.
2023-09-21T18:58+0530
2023-09-21T18:58+0530
2023-09-22T10:17+0530
indo-russian relations
india
russia
us
europe
european union (eu)
pharmaceuticals
pharmacy
moscow
delhi
https://cdn1.img.sputniknews.in/img/07e7/09/14/4354432_0:112:1080:720_1920x0_80_0_0_af4b812ff2845ba3c196ab981d7a296c.jpg
Experts from the pharmaceutical industry in India have advocated for the Russian government to substitute their current supply of European and U.S.-manufactured medications with equivalent products produced in India, a prominent nation in South Asia.The remarks by Dr. Yatish Sharma, the CEO of a pharmaceutical company based in the city of Jaipur in the Indian state of Rajasthan, and I.R. Sekhar Rao, the managing director of Vance & Health, came during the Russia-India Business Forum in Moscow on Wednesday.India Offers Massive Discount Pharma ProductsAccording to Sharma, India has cheap and skilled labor, good scientists and all the other ingredients to make pharmaceutical products.Sharma added that India, the world's most populous country, has to have a good healthcare infrastructure.Sharma emphasized that India offers a price advantage, with costs 60% lower than those in the US and 50% lower than in European countries. This reason makes it essential for Russian pharmaceutical buyers to procure from India.'Brothers India-Russia' Should Come TogetherWhen asked why Russia should cooperate with India in the field of pharmaceuticals, he replied that Indians and Russians are brothers.So we should work together as brothers. Another thing is that the two countries are very closely connected by culture, by distance.In addition, he highlighted the fact that the Indian and Russian governments currently engage in trade using their respective currencies, the ruble and INR. This signifies that there is no longer a necessity to make payments in US dollars or euros. This is the second most important point that both sovereign states can do business in their national currencies.India - World's Pharmacy CapitalMeanwhile, Rao said that out of every three pills made in the world, one pill is made in India. Perhaps that's why India is known as the pharmacy capital of the world.Dmitry Prokhorenko, the Director for Foreign Network Development at the Russian Export Center (REC) JSC, disclosed that his institution, which supports non-commodity exports, has received an overwhelming 600+ requests from Russian companies seeking assistance to establish their businesses in India.Russian Companies Flock to IndiaHe noted that the REC helped 400 Russian companies enter the Indian market last year.Prokhorenko noted that the development of business ties with India is gaining popularity in Russia. For example, agro-industrial and food products are the most popular areas of cooperation with India.Among other things, Prokhorenko revealed that the Indians have shown interest in heavy engineering: mining equipment and railway locomotives. Recently, there have been many requests from Indians for green technologies and chemical products, including fertilizers.Other Areas of Collaboration on the AgendaLike Prokhorenko, Olga Kulikova, Russia's economic ambassador to India, shared her views on the growing trade partnership between India and Russia.She noted that many industrialists want to enter Russia or find Russian partners. However, not all industries can do this. That is why everyone is now talking about pharmacology, which is a topic of great interest.
https://sputniknews.in/20230919/indias-order-for-12-su-30mki-fighters-indicates-close-defence-ties-have-been-resumed-with-russia-4321075.html
india
russia
us
europe
moscow
delhi
new delhi
eurasia
greater eurasia
south asia
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
2023
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
News
en_IN
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
Dr. Yatish Sharma India-Russia Business Forum
Sputnik India
Dr. Yatish Sharma India-Russia Business Forum
2023-09-21T18:58+0530
true
PT1M20S
I. R. Sekahar Rao India-Russia Business Forum
Sputnik India
I. R. Sekahar Rao India-Russia Business Forum
2023-09-21T18:58+0530
true
PT0M29S
Dmitry Prokhorenko India-Russia Business Forum
Sputnik India
Dmitry Prokhorenko India-Russia Business Forum
2023-09-21T18:58+0530
true
PT1M20S
Olga Kulikova India-Russia Business Forum
Sputnik India
Olga Kulikova India-Russia Business Forum
2023-09-21T18:58+0530
true
PT0M42S
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
russia-india business forum, india-russia business forum, india russia business forum 2023, india russia business forum moscow, india russia pharmaceutical collaboration, india russia pharmaceutical partnership, how india could replace american medicines in russia, india to replace us medicines in russia, will india replace american pharma products in russia, india to replace european pharma goods in russia, india set to replace european pharma products in russia, will india replace european pharma products in russia, why india is called world's pharma capital, pharma capital of the world, india russia trade ties, india russia economic relations, india russia partnership in pharma sector, india pharma industry, russia pharma industry,
russia-india business forum, india-russia business forum, india russia business forum 2023, india russia business forum moscow, india russia pharmaceutical collaboration, india russia pharmaceutical partnership, how india could replace american medicines in russia, india to replace us medicines in russia, will india replace american pharma products in russia, india to replace european pharma goods in russia, india set to replace european pharma products in russia, will india replace european pharma products in russia, why india is called world's pharma capital, pharma capital of the world, india russia trade ties, india russia economic relations, india russia partnership in pharma sector, india pharma industry, russia pharma industry,
Russia's Ideal Pharmaceutical Partner: India Offers 60% Cheaper Products Than US
18:58 21.09.2023 (Updated: 10:17 22.09.2023) The Russia-India Business Forum was held in Moscow on September 20 and was attended by business representatives from both countries.
Experts from the pharmaceutical industry in India have advocated for the Russian government to substitute their current supply of European and U.S.-manufactured medications with equivalent products produced in India, a prominent nation in South Asia.
The remarks by Dr. Yatish Sharma, the CEO of a pharmaceutical company based in the city of Jaipur in the Indian state of Rajasthan, and I.R. Sekhar Rao, the managing director of Vance & Health, came during the Russia-India Business Forum in Moscow on Wednesday.
India Offers Massive Discount Pharma Products
According to Sharma, India has cheap and skilled labor, good scientists and all the other ingredients to make pharmaceutical products.
Sharma added that India, the world's most populous country, has to have a good healthcare infrastructure.
"For that reason, we have a lot of pharmaceutical manufacturing companies. We are No.1 in the generic pharmaceutical division
in the world and second in the overall production of pharmaceutical products on the planet," Sharma told Sputnik on the sidelines of the forum in the Russian capital.
Sharma emphasized that India offers a price advantage, with costs 60% lower than those in the US and 50% lower than in European countries. This reason makes it essential for Russian pharmaceutical buyers to procure from India.
'Brothers India-Russia' Should Come Together
When asked why Russia should cooperate with India in the field of pharmaceuticals, he replied that Indians and Russians are brothers.
So we should work together as brothers. Another thing is that the two countries are very closely connected by culture, by distance.
"Hence, we can
immediately supply medicine, and surgical devices at a 50% cheaper price than Europe and 60% cheaper than the US," Sharma asserted.
In addition, he highlighted the fact that the Indian and Russian governments currently engage in trade using their respective currencies, the ruble and INR. This signifies that there is no longer a necessity to make payments in US dollars or euros. This is the second most important point that both sovereign states can do business in their national currencies.
India - World's Pharmacy Capital
Meanwhile, Rao said that out of every three pills made in the world, one pill is made in India. Perhaps that's why India is known as the pharmacy capital of the world.
"So, India can definitely replace, to a great extent, the European market, European manufacturers in Russia. Also, in the US, Indian generic medicines sell more than American generics. So, India has phenomenal scope in this sector," he told Sputnik India in an interview.
Dmitry Prokhorenko, the Director for Foreign Network Development at the Russian Export Center (REC) JSC, disclosed that his institution, which supports non-commodity exports, has received an overwhelming 600+ requests from Russian companies seeking assistance to establish their businesses in India.
Russian Companies Flock to India
He noted that the REC helped 400 Russian companies enter the Indian market last year.
Prokhorenko noted that the development of business ties with India is gaining popularity in Russia. For example, agro-industrial and food products are the most popular areas of cooperation with India.
"Grain, pulses, oil - this is what we supply regularly to India. But apart from that, there is a shortage of energy in India. We are actively
cooperating in the field of peaceful atomic research," he said.
Among other things, Prokhorenko revealed that the Indians have shown interest in heavy engineering: mining equipment and railway locomotives. Recently, there have been many requests from Indians for green technologies and chemical products, including fertilizers.
"Now, with 'Invest India', we will launch a series of seminars in the opposite direction, we will tell Indian companies about the ways of doing business with Russian companies," he emphasized.
Other Areas of Collaboration on the Agenda
Like Prokhorenko, Olga Kulikova, Russia's economic ambassador to India, shared her views on the growing trade partnership between India and Russia.
She noted that many industrialists want to enter Russia or find Russian partners. However, not all industries can do this. That is why everyone is now talking about pharmacology, which is a topic of great interest.
"Food products such as oats, spices, and fruits are also on the agenda. But I think there is great potential in
engineering, machine tools and transport," she concludes.
