The Pharmaceuticals Export Promotion Council (Pharmexcil), in collaboration with the Union Ministry of Commerce and Industry, is set to organize the iPHEX-LATAM conference in Hyderabad from Feb 17-28 for boosting up Indian Pharma exports.
Let’s delve into the significance and potential impact of this groundbreaking event.
The iPHEX-LATAM conference marks a pivotal moment for the pharmaceutical industry, bringing together industry leaders, government officials, and regulatory bodies.
This event serves as a unique platform for fostering collaboration and exploring trade opportunities between Indian and American pharmaceutical companies.
Pharmexcil’s proactive role in organizing the conference highlights its commitment to promoting Indian pharma exports globally.
With the support of the Union Ministry of Commerce and Industry, this initiative aims to strengthen international partnerships and open new avenues for the pharmaceutical sector.
Participation and Delegates
A record-breaking 105 industry leaders from 82 pharmaceutical companies in Latin America, particularly Guatemala, Colombia, and Chile, are expected to attend.
This diverse representation creates a melting pot for knowledge exchange, business discussions, and potential collaborations.
The iPHEX-LATAM conference is not just another industry gathering; it’s a historic business delegation
R Uday Bhaskar, Director-General of Pharmexcil, notes that this marks the first time American and Indian pharma companies will explore substantial trade and business opportunities together.
LATAM as an Emerging Market
The Latin American region has emerged as a key export market for Indian pharmaceuticals, constituting 6.78% ($1.72 billion) of overall pharma exports in the last fiscal year.
This underlines the growth potential and strategic importance of the LATAM market for Indian pharmaceutical companies.
Invitations and Collaboration
The conference has extended invitations to health ministry officials, drug regulatory agencies, and government procurement agencies of the respective countries.
The goal is to foster a deeper understanding and collaboration between Indian pharmaceutical exporters and key stakeholders in the LATAM region.
Latin American Countries in Focus
With 33 countries in Latin America, the conference strategically focuses on key nations such as Guatemala, Colombia, and Chile.
This targeted approach aims to create specific business opportunities and collaborations in these growing pharmaceutical markets.
Pharmaceutical Exports Goal
The ambitious target of $28.141 billion in pharma exports for fiscal year 2024 aligns seamlessly with the significant potential of the LATAM region.
This goal reflects the industry’s commitment to expanding its global footprint and tapping into emerging markets.
A series of B2B meetings during the event provides a unique platform for Indian pharmaceutical companies to engage with their counterparts from Guatemala, Colombia, and Chile.
These meetings are expected to pave the way for concrete partnerships and collaborations.
Building Bilateral Ties
Beyond mere business transactions, the initiative aims to build lasting bilateral ties.
By engaging with health ministries, regulatory agencies, and procurement bodies, Pharmexcil seeks to create a conducive environment for the sustained growth of Indian pharmaceutical exports in the LATAM region.
Pharmexcil’s proactive approach is not just about immediate gains; it’s about creating a conducive environment for long-term success.
This approach aligns with India’s broader vision of becoming a key player in the global pharmaceutical arena.
Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.
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