India-Armenia Pharmaceutical Business Forum-Exhibition to be held in Yerevan
YEREVAN, OCTOBER 18, ARMENPRESS. The Embassy of India in Armenia and Indian Pharmaceutical Export Promotion Council (PHARMEXCIL-Pharmaceuticals Export Promotion Council), supported by the Indian Ministry of Commerce and Industry, will hold India-Armenia Pharmaceutical Business Forum-Exhibition in Yerevan from 10-13 November, 2019, the Embassy of India said in a news release.
The forum will feature prospects for establishing business ties with India's pharmaceutical sector, achievements and regulatory developments of this industry in India, and B2B meetings between 23 leading Indian companies and Armenian companies. H. E. Mr. K. D. Dewal, Ambassador of the Republic of India to Armenia will deliver a welcoming speech at the opening of the India-Armenia Pharmaceutical Business Forum-Exhibition. India's Pharmaceutical industry will be represented by Mr. Abhay Sinha, Senior Director of PHARMEXCIL. India is the largest provider of generic medicines globally, occupying a 20% share in global supplies by volume. The country is home to 3,000 pharma companies with a strong network of over 10,500 manufacturing facilities. The cost of production in India is around one-third of that in the US and almost half of that in Europe. India is the source of 60,000 generic brands across 60 therapeutic categories and manufactures more than 500 different Active Pharmaceutical Ingredients (APIs). The export of generic drugs is one of India's core strengths. The export of Pharmaceuticals stood at $ 17.27 bn in 2017-18. Indian Pharmaceuticals market is expected to reach $ 55 bn by 2020. First visit of PHARMEXCIL delegation to Armenia was in March 2011. As a result of the visit, a number of contracts were signed between the Indian pharmaceutical manufacturers and the Armenian pharmacy importing and manufacturing companies, which resulted in a significant increase in the volume of import of Indian leading pharmaceutical companies to Armenia.