Indian Pharma Companies Fill Void in Russia as West Retreats
来源：www.news18.com;发表于:2024-04-11;人气指数:44
Thursday, April
11, 2024
Indian Pharma Companies Fill Void in
Russia as West Retreats
For the past two years, Indian
pharmaceutical companies have increased their presence in Russia as Western
competitors withdraw from the market amid dozens of sanctions against Moscow.
India has already replaced Germany to become Russia’s foremost supplier of
pharmaceuticals last year, according to Russian media reports.
This surge in Indian exports, marking a
3 percent rise from the previous year, saw nearly 294 million packages of
medicines delivered to Russia, the Russia Today reported. The shift in supply
dynamics saw India surpass Germany, which was the top supplier in 2021 and 2022
but reduced its exports by almost 20 percent to 238.7 million packages last
year.
The backdrop for this shift stems from
many Western pharmaceutical firms suspending non-essential operations and
investments in Russia due to the ongoing Ukraine conflict. Major international
players such as Eli Lilly, Bayer, Pfizer, MSD, and Novartis have also paused
new clinical trials in the country.
As the West withdraws, Indian
pharmaceutical entities are exploring business expansion avenues in Russia,
including joint production ventures. India boasts the world’s third-largest
pharmaceutical industry by volume, earning it the moniker “the world’s pharmacy”
and positioning it as a significant player in the global pharmaceutical trade.
In an interview with RT, Satya Karm Punia, the president of Moscow-based Rus
Biopharm Group, spoke about the benefits of this growing trade in the pharma
sector between the long-standing partners.
“Because of the relationship that [India
and Russia share], I am sure the Indian pharmaceutical companies have a good
role to play in Russia,” said the Indian businessman, whose group’s
manufacturing facility is located in the special economic zone near Moscow. He
underlined that in the past two years, India has started supplying Russia with
a host of the raw materials used to manufacture medicines, effectively
replacing the Western suppliers that previously had a strong presence in the
market.
Punia argued that Russia would derive a
“price benefit” for its domestically produced medicines if it sourced more raw
materials from India. “The medicines would get cheaper, which means [it would
be] more accessible for the regular people; that is a huge benefit.” Punia told
RT that India’s increasing forays into the Russian market will be a “big
opportunity” for the country. He stated that around 15-20 Indian pharmaceutical
companies are already working in Russia.
Source: www.news18.com