The forthcoming memorandum of understanding will fast-track Indian drugs to market in Russia and also boost Indian pharma companies' investment in Russian infrastructure.
Devendra Chaudhry, joint secretary at India's Department of Pharmaceuticals, told the Pharma Summit 2011: "The industry could come forward with workable models to help the government to set up infrastructure in Russia. We are also talking to Indian companies to set up testing facilities and infrastructure in Russia to get bigger market share in that country."
India's third-largest destination for pharma exports is the Commonwealth of Independent States (CIS), the organisation of former Soviet republics of which Russia is the largest member. In 2009-10 the CIS accounted for 8% of exports, behind the US (22%) and Africa (16%).
Every year Indian pharmaceutical companies export drugs worth $600 million to Russia.
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