The India-Armenia Pharmaceutical Export Promotion Council, established by the Indian Ministry of Trade and Industry, will hold an India-Armenia pharmaceutical business conference-exhibition in Yerevan on November 10-13.
The conference will feature prospects for establishing business ties with India's pharmaceutical sector, industry acquisitions and regulatory developments in the country, and B2B format meetings between 23 leading Indian companies and Armenian companies.
Indian ambassador to Armenia will deliver a welcoming speech K. D. Dewal.
India is the largest supplier of generic medicines in the world, accounting for 20% of global supplies. The country has 3,000 pharmaceutical companies with a strong network of more than 10,500 manufacturing facilities. The cost of production in India makes up almost one-third of the value of the United States, and in Europe nearly half.
India is a source of 60,000 generic brands in 60 therapeutic categories and manufactures more than 500 different Active Pharmaceutical Ingredients (APIs). Export of generic drugs is one of the strengths of India. Exports of pharmaceutical products in 2017-18 totaled $ 17.27 billion.
The Indian pharmaceutical market is expected to reach $ 55 billion by 2020.
The PHARMEXCIL delegation first visited Armenia in March. As a result of the visit, a number of contracts were signed between the Indian pharmaceutical manufacturers and the Armenian importing and pharmacy companies, as a result of which the volume of import of the products of the leading Indian pharmaceutical companies to Armenia was significantly increased.