INDIA is optimistic of establishing business ties with Bahrain in the fields of pharmaceuticals and medical devices equipment in the coming years, according to the country’s ambassador to Bahrain.
The scope of these sectors, which have gained significance during the Covid-19 crisis and earned India the title of the ‘Pharmacy of the world’, appear promising as bilateral trade ties are enhanced.
Ambassador Piyush Srivastava highlighted the opportunities during a keynote address at a webinar on ‘Enhancing Opportunities in Pharmaceuticals and Alternative Medicine Sector’ between India and Bahrain.
The session was organised by the Indian Embassy and Pharmaceutical Export Promotion Council of India (Pharmexcil), the Indian government’s authorised agency for promotion of pharma exports, in partnership with the Bahrain Chamber of Commerce and Industry (BCCI) and National Health Regulatory Authority (NHRA).
“The health sector, including pharma and medical devices equipment, is an area in which immense opportunities exist for bilateral business and investment co-operation between our two countries,” said Mr Srivastava.
“This sector has acquired significance, particularly in the post Covid-19 scenario.
“During the pandemic, India has come to be known as the ‘pharmacy of the world’. With more than 3,000 pharmaceutical companies, India has become a global player with a presence in all pharmaceutical segments – patented, generic and the over-the-counter drug market.
“Our pharmaceutical products are globally known for their quality as well as cost-effectiveness and India is also the largest vaccine producer in the world.
“Similarly, India’s medical equipment and devices industry has registered impressive growth in recent years.”
Mr Srivastava underlined the global reputation enjoyed by the Indian pharmaceutical industry.
India is the largest global provider of generic drugs accounting for 20 per cent of its global exports and the largest number of US FDA compliant pharmaceutical plants outside of US are in India.
During 2019-20220, India’s pharmaceutical exports have crossed $20 billion with more than half of it to the regulated market of US and Europe.
The diplomat also highlighted that India was one of the top exporters of alternative medicines in the world, with the sector witnessing advancement in recent years.
“India has good presence in the pharmaceutical and ayurveda/homoeopathy sectors in Bahrain and aspires to further collaborate with it by contributing to its already strong healthcare infrastructure,” he added.
“There is thus ample opportunities and conducive environment for investment in terms of setting up of manufacturing units locally in joint venture or public private partnership model.
“This would also help economise the healthcare sector and facilitate in the process of implementation of compulsory health insurance, which I understand, is expected to be implemented by Bahrain in the near future.”
He also highlighted the merits of Bahrain’s economic engagement avenues which include its strong healthcare sector and favourable regulatory environment, a tolerant society, highly-competitive taxation system, willingness to embrace public private partnerships model, strategic location as a gateway to the GCC and the FTAs with 22 countries including the US.
“I’m sure that this convergence of stakeholders in the pharma and alternative medicine sectors from both the countries would facilitate opening of venues for new business ventures, and the B2B meetings following this session will lead to some concrete proposals boosting bilateral trade and investment in pharmaceutical and alternative medicines sector,” he added.
Bilateral trades between India and Bahrain stands close to $1bn and the economic cooperation is diverse, including areas of IT, healthcare, financial services, real estate and construction and hospitality sector. More than 3,000 companies are registered in Bahrain with Indian partnership. Cumulative FDI flows from Bahrain to India were at $180 million last year making Bahrain the fourth largest investor from the GCC.
The webinar was also attended by BCCI health committee head Dr Ebtisam Al Dallal, Pharmexcil chairman Dinesh Dua, NHRA senior pharmacist Nawal Shaboon, Pharmexcil director Lakshmi Prasanna, BCCI health committee member Dr Noor Janahi and Gulf Pharmacy chairman Dr Khalid Al Awadhi.
Thirty companies from Bahrain and 50 Indian companies took part in the B2B session, while the webinar was attended by 115 people.
raji@gdn.com.bh
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