The Union Commerce, Industry and Textiles Minister, Mr Anand Sharma has proposed Joint Ventures (JV) between Indian and Russian pharmaceutical companies at the meeting of the Trade Ministers of India and Russia, in New Delhi on Tuesday.
Russian side is to provide list of 500 drugs (mostly generic and strategic) of which 75% is imported by Russia and also information on volume of production is required in respect of certain number of strategically identified medicines. The issue found positive resonance in the Russian delegation.
India hopes to tap huge Russian market and neighboring countries, like Belarus and Kazakhstan, where Russia has favourable terms of business. Russia, Belarus and Kazakhstan had recently formed a new customs union pact. If the proposal for JVs becomes a reality, Indian companies manufacturing these drugs in Russia will be able to access the markets in all these three countries, they said.
Pharma sector accounts for the largest Indian export to Russia. Indian pharma companies export drugs worth $ 600 million to Russia every year.
Mr Sharma received the Minister of Economic Development of Russian Federation, Ms E Nabiullina and reviewed the trade ties to mark the beginning of key meetings relating to the upcoming BRICS Summit.
Russia is among four other countries namely Brazil, India, China and South Africa that constitute the group BRICS.
The BRICS Trade Ministers met on Wednesday ahead of the 4th BRICS Summit of the leaders of the five emerging economies in Delhi on Thursday.