New Delhi: India has proposed joint ventures with Russian pharmaceutical companies to manufacture 500 drugs in Russia and supply them to markets in Russia, Belarus and Kazakhstan.
Responding “positively” to the suggestion by the Indian Commerce, Industry and Textiles Minister, Mr Anand Sharma, during a bilateral meeting, the Russian Minister of Economic Development, Ms Elvira Nabiullina, said, “ joint ventures are good idea. Pharma sector is a good example where we can cooperate.”
Russia will soon “provide a list of 500 drugs (mostly generic and strategic).” Of these, 75 per cent is currently imported by Russia. Russia has also agreed to give information on the volume of production required in respect of 57 strategically identified medicines, official sources said.
Russia, Belarus and Kazakhstan have recently formed a new customs union pact. If the proposal for joint ventures becomes a reality, Indian companies manufacturing these drugs in Russia will be able to access the markets in all the three countries, they said.
Diamond Supply
Mr Sharma also asked Ms Nabiullina to help in early conclusion of a pact for long-term supply of rough diamonds from the Russian diamond major Alrosa and its precious minerals repository Gokhran to India's Hindustan Diamond Co and MMTC.
India also wants Gokhran to invite MMTC and Hindustan Diamond Co to take part in their sales. The Russian Minister said she would look into the matter, the sources said.
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