Russia’s Tyumen Eager to Host Indian Pharma Ventures

Primary tabs

NEWS
Russia’s Tyumen Eager to Host Indian Pharma Ventures

As per the Pharmaceuticals Export Promotion Council of India, Russia was amongst the fourth countries (remaining were China, South Africa and Italy) to which exports progressed above 20% in 2017-18. These four countries contributed about 9% to the country’s pharma exports.

Tyumen (largest city and the administrative center of Tyumen Oblast, Russia) has consolidated a growing list of Russian regions keen on playing host to pharmaceutical ventures of Indian firms. This move was supported by the backdrop of Russia's emphasis on establishing self-reliance on drug production. This region's interest was conveyed by a front-ranking official of Tyumen Government in a meeting with Indian officials in Moscow last month, on the sidelines of the India-Russia Working Group on trade and economic cooperation. Hence, the government of Tyumen also contacted Pharmaceuticals Export Promotion Council (PHARMEXCIL), seeking the export promotion council’s assistance in passing this information. Tyumen followed Tatarstan, which had in March forwarded an official delegation to encourage investment opportunities in its region for India pharma manufacturers. To attract the foreign investment, Tyumen provides provision of municipal land, tax sops, incorporating those pertaining to income and property, except investment loans. Ravi Uday Bhaskar, the Director General of  PHARMEXCIL, circulated a communication in this matter to the members. Not long ago, Chelyabinsk region had sought proposals from Indian pharmaceutical companies eager to set up manufacturing units in this region with a local partner. One of the CIS countries, Uzbekistan,  is keen on giving a push to the growth of the pharmaceutical industry by alluring FDIs.

The attempts of the regions to attract Indian pharma companies are gaining popularity. From 2019, a new regulation would be implemented by Russia giving preference of 25% in State medicine procurement tenders for products manufactured in a full cycle in the Eurasian Economic Union. Undoubtedly,  it would be an advantage to such products (full cycle related to the production of APIs to formulation of product). Russia, being one of the significant markets for Indian firms, however, has put in place a few other mechanisms to support domestic manufacturing. In 2017-2018, the pharmaceutical exports to Russia emerged a shade over 22% to $468 million ($383 million).

Source

Remedium

Link to the source

http://www.remedium.ru/eng/news/detail.php?ID=74470

Original title of the article

Russia’s Tyumen keen on hosting Indian pharma ventures

SearchTags: 
Russian Regulatory
Log in or register to post comments