Egypt should strengthen its cooperation in pharmaceutical sector with India which has great advantages in terms of providing affordable and reliable medication, India's envoy here said today.
Inaugurating the India Pavilion at the International Pharma exhibition "Pharmaconex 2017", India's Ambassador to Egypt Sanjay Bhattacharyya encouraged the Indian and Egyptian partners to strengthen cooperation in trade, investments and Research and Development (R&D).
"Pharmaceutical is something in which India seeks to be a global leader. We already have great advantages in terms of providing affordable and reliable medication. Egypt is a huge market in which we see growing export potentials as well as possibilities of investments.
"We are hoping that the Egyptian market which is so mature will provide us with the base also to expand to other parts of the region, the Arab world and Europe," the envoy told PTI.
He said India formulation is backed by globally acceptable certification and updated by growing R&D facilities.
Indian Pharmaceutical industry has come to be recognised as "Pharmacy of the world", Bhattacharyya said.
Eighteen Indian pharmaceutical companies are participating at the exhibition which is being held at Cairo International Convention Centre from April 8 to 10.
The companies from India are exhibiting their works in Application Programming Interfaces (APIs), herbals, neutraceuticals, pellets, surgical and finished formulations.
The pavilion was organised by the Pharmaceuticals Export Promotion Council of India (Pharmexcil), an apex pharma Chamber sponsored by India, in association with the Embassy of India in Cairo.
India's pharma industry has presence in all therapeutic segments with almost all types of dosage forms and is a rich source of all APIs.
India's exports of pharmaceuticals in 2015-16 was USD 16.86 billion. Indian pharmaceutical industry with several thousand manufacturers, many of whom are US FDA, PICS and WHO GMP approved facilities, exports the largest share of generics to the world.
With a 20 per cent share in global trade of generics, India is able to provide cost effective and affordable medicine.
Indian pharmaceutical companies have come of age with several biosimilars, peptides and futuristic recombinant proteins being manufactured and marketed not only in India but also exported to several countries.
Several multinational corporations have opened their R&D centers in India owing to the huge technological pool of scientists in India for cost effective research for new molecules.
Contract research and manufacturing activities (CRAMS) are offered cost effectively and actively pursued in India.
Bhattacharyya said the participation by Pharmaxecil is expected to benefit the pharma industry in both countries and further strengthen bilateral ties.
India's pharma exports to Egypt stood at USD 162 million during 2015-16.
Though India's strengths are producing quality generic medicines and catering to over 220 countries at affordable prices, exports to Egypt are mainly comprises of APIs, pellets, excipient, nutraceuticals and herbal products.
Manufacturing cost of finished dosage forms are very low in India compared to any other country in the world.
Since Egypt's local industry is strong in manufacturing generic medicines, Indian manufacturers are keen to assist the pharma industry in Egypt in the areas of combination therapies, controlled release therapies (respiratory devices), Insulins with devices especially advanced insulins like glargine, APIs, oncology products and vaccines.
India's pharmaceutical exports are also keen to have joint venture with Egyptian Pharama companies not only for manufacturing in Egypt and also in India to derive mileage from India's work force and low cost base, Bhattacharyya added.
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