2019 is going to be distinctive due to developing business relations between Armenia and India.
On the one hand, Armen Sarkissian, President of Armenia, discusses Armenia's ties with the Indian business sector during the meeting with Indian Economic Trade Organization President, Asif Iqbal, and his delegation which included businessmen and executives of the B.E.S.T. Innovation University of India.
President Sarkissian was for cooperation between the two countries. So was Iqbal, who participated in the Armenian Summit of Minds, and that made up his mind to seek collaboration with Armenia.
The guests are especially excited to pursue partnerships in the agriculture sector. They would like to initiate student exchange programs in that area. As they mentioned, they would also want to consider partnership opportunities with the Tavush Province.
President Sarkissian expressed his readiness to initiate mutually beneficial programs that would profit Armenia-India business relations and develop cooperation in the fields concerned.
On the other hand, to further deepen the business relations between the two countries, the Embassy of India in Armenia and Indian Pharmaceutical Export Promotion Council (PHARMEXCIL-Pharmaceuticals Export Promotion Council), in partnership with the Indian Ministry of Commerce and Industry, will hold India-Armenia Pharmaceutical Business Forum-Exhibition in Yerevan. The forum will take place from November 10-13, 2019. The representative of India's Pharmaceutical industry will be Mr. Abhay Sinha, Senior Director of PHARMEXCIL.
The forum will highlight possibilities to build business ties with India's pharmaceutical sector, achievements as well as regulatory improvements of this industry in India. B2B meetings between 23 leading Indian companies and Armenian companies will be featured as well.
The first visit of PHARMEXCIL delegation to Armenia was in March 2011. Their visit let to several contracts signed between the Indian pharmaceutical manufacturers and the Armenian pharmacy importing and manufacturing companies. These circumstances resulted in a notable development in the volume of import of Indian leading pharmaceutical companies to Armenia.
India provides the most substantial amount of generic medicines globally, owning a 20% market share in global supplies by volume. The country hosts 3,000 pharma companies, including a strong network of over 10,500 manufacturing plants. The cost of production in India is about one-third of that in the U.S. and almost half of that in Europe.
India is considered to be the root of 60,000 generic brands across 60 therapeutic divisions, and it manufactures more than 500 different Active Pharmaceutical Ingredients (APIs). India's core strength is the export of generic drugs, which amounted to USD 17.27 billion in 2017-2018. It is anticipated from the Indian Pharmaceuticals market to reach USD 55 billion by 2020.
Armenian President hosts businessmen, university executives from India, ARMENPRESS (October 18, 2019),
India-Armenia Pharmaceutical Business Forum-Exhibition to be held in Yerevan, ARMENPRESS (October 18, 2019)