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27.06.2018

Russia’s Tyumen keen on hosting Indian pharma ventures

Tyumen has joined a growing list of Russian regions keen on playing host to pharmaceutical ventures of Indian firms, a move that comes in the backdrop of Russia’s emphasis on building self reliance in drug production.

A front-ranking official of Tyumen Government met with Indian officials in Moscow last month, on the sidelines of the India-Russia Working Group on trade and economic cooperation, and conveyed the region’s interest. Simultaneously, the government of Tyumen also reached out to Pharmexcil, seeking the export promotion council’s assistance in spreading the word. Tyumen follows Tatarstan, which had in March despatched an official delegation to promote investment opportunities in its region for India pharma manufacturers. Some of the benefits Tyumen offers to attract foreign investment include, provision of municipal land, tax sops, including those pertaining to income and property, besides investment loans. Pharmexcil Director General Ravi Uday Bhaskar had circulated a communication in this regard to the members.

Almost a year ago, Chelyabinsk region had sought proposals from Indian pharmaceutical companies looking to set up manufacturing units in its region with a local partner. Uzbekistan, among CIS countries, is keen on giving a push to the growth of the pharmaceutical industry by attracting FDIs.

New regulation on cards

The efforts of the regions to attract Indian pharma companies assume significance as Russia, from 2019, would implement a new regulation giving preference of 25% in State medicine procurement tenders for products produced in a full cycle in the Eurasian Economic Union. By definition, it would give an edge to such products (full cycle related to production of APIs to formulation of the product).

One of the important markets for Indian firms, Russia, however, has put in place a few other mechanisms to encourage domestic manufacturing. Pharmaceutical exports to Russia grew a shade over 22% in 2017-18 to $468 million ($383 million).

According to the Pharmaceuticals Export Promotion Council of India, Russia figures in the list of four countries to which exports grew above 20% in 2017-18. China, South Africa and Italy are others in the list and together the four countries contributed about 9% to the country’s pharma exports.


Source:  www.thehindu.com

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