India substitute Germany as Russia`s top medicine provider
(MENAFN) In a significant shift, India has assumed the role of Russia's largest Pharmaceutical supplier, stepping in to fill the void left by Western firms amidst geopolitical tensions, as reported by RBK citing data compiled by RNC Pharma. According to the report, Indian manufacturers have significantly increased exports, delivering nearly 294 million packages of medicines to Russia last year, marking a notable 3 percent uptick from the previous year.
The transition comes as Germany, previously Russia's top medicine supplier in 2021 and 2022, experienced a significant decline in supplies to Russia, slashing exports by almost 20 percent to 238.7 million packages, the figures reveal. This shift can be attributed to the reluctance of many Western pharmaceutical companies to engage in non-essential activities and investments in Russia amidst the ongoing Ukraine conflict, with several major international players suspending new clinical trials in the region.
In contrast, Indian pharmaceutical companies are seizing the opportunity to expand their footprint in Russia, with initiatives ranging from joint production ventures to increased exports. India's pharmaceutical industry, renowned as "the world's pharmacy," stands as the world's third-largest by volume, according to the Indian government, underlining the country's prowess in the global pharmaceutical market.
The report highlights the significant contributions of Mumbai-based Oxford Laboratories and Ipca Laboratories to India's burgeoning pharmaceutical exports to Russia. Oxford Laboratories witnessed a remarkable 67 percent surge in supplies to Russia, totaling 4.8 million packages, with a diverse portfolio encompassing cardiovascular, erectile dysfunction, ophthalmic, and other essential drugs. Similarly, Ipca Laboratories, specializing in generics, experienced a substantial 58 percent increase in exports to Russia, amounting to 13.7 million packages last year.
As India solidifies its position as Russia's primary pharmaceutical supplier, the partnership between the two nations in the healthcare sector underscores the resilience and adaptability of India's pharmaceutical industry amidst evolving global dynamics.
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