Regional news: India

India Can Play a "Key Role" in Russia's "Pharmaceutical Independence": Russian Firm

Bolstering ties between Russia and India in the pharmaceutical sector has emerged as one of the promising areas of trade at the India-Russia Business Forum this week in New Delhi.

Russian pharmaceutical companies which attended the India-Russia Business Forum view India as a key partner in not only supplying crucial drugs at affordable prices, but also in jointly developing innovative technologies and set manufacturing bases.

European companies such as Bayer, Novartis and Sanofi ranked as the biggest supplier of pharmaceutical products to Russia till last year. The companies plans to continue their supplies in spite of western sanctions have been affected by exclusion of Russian banks from SWIFT networks and disruption in connectivity, per reports.

For its part, India ranks as the biggest supplier of generic drugs in the world and is the third-biggest supplier of pharmaceutical products. It has also been involved in efforts to meet its pharmaceutical needs through local manufacturing under Prime Minister Narendra Modi’s 'Make in India' policy.

Sputnik spoke to Sergey Smirnov, a representative for Russian pharmaceutical company Bryanskfarmatsiya Gup, on the sidelines of India-Russia Business Forum:
"The Business Forum has given us a very good opportunity to talk to each other. Sharing of information and dialogue are very important.
The pharmaceutical industry is developing at a very rapid pace in Russia. It is important to acknowledge that it is not so much because of the sanctions. Even before the sanctions kicked in, it was understood that we need our own products and our own industry.
But if we asks ourselves if that is enough. Of course, it is not enough.
First of all, because there are still many pharmaceutical products that we can’t produce by ourselves.
Secondly, there are many innovative products which for which we need expertise from other places.
So, we are looking for some partnerships and develop foreign supply chains. India, of course, has one of the fastest growing pharmaceutical industries in the world.
India could play a key role."