(MENAFN- KNN India) Mumbai, Feb 22 (KNN) Indian Pharmaceutical companies are setting their sights on the Kingdom of Saudi Arabia (KSA), an USD 8.9 billion pharmaceutical market, amidst growing interest from Saudi authorities to procure high-quality drugs from India.
Recently, a delegation from KSA visited India, signalling the Kingdom's eagerness to strengthen ties with Indian pharmaceutical manufacturers.
Sudarshan Jain, Secretary-General of the Indian Pharmaceutical Alliance (IPA), emphasised KSA's interest in sourcing drugs from USFDA-approved or similarly stringent regulatory body-approved plants in India, reported business standard.
With IPA members constituting a significant portion of India's pharmaceutical exports, this collaboration holds immense potential for both nations.
The pharmaceutical market in KSA was valued at USD 8.9 billion in 2022, with notable growth in the vaccine and biologics segment, estimated at around USD 2.3 billion.
Moreover, KSA's strategic location makes it an ideal gateway to the wider Organisation of Islamic Cooperation market, boasting a colossal size of USD 130 billion.
Saransh Chaudhary, President of Global Critical Care at Venus Remedies, highlighted the company's SFDA-approved manufacturing facilities, positioning them as a trusted player in the Gulf Cooperation Council (GCC) region.
Venus Remedies, with over a decade of presence in KSA, is poised to introduce a range of new drugs to cater to the market's evolving needs.
Despite KSA currently accounting for a modest percentage of India's pharmaceutical exports, industry experts foresee significant growth potential.
Glenmark Pharmaceuticals, for instance, aims to expand its presence in the region with strategic product launches.
Furthermore, there is growing interest among Indian firms to establish local production units in KSA, tapping into the demand for complex generics.
While India boasts a high number of USFDA-approved manufacturing sites, pricing concerns have hindered seamless trade with KSA.
However, recent developments suggest a shift in mindset, with Saudi authorities showing willingness to negotiate better terms, potentially paving the way for enhanced collaboration between the two nations.
(KNN Bureau)
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