Indian pharmaceutical companies are keen to localize their drug production in Russia, seeking joint ventures in the sector. This trend of establishing manufacturing bases in partner countries is seen as natural by both Indian and Russian firms, according to Mir Faruk, Vice President of the Indian Business Council and head of Ipca Laboratories’ Russian office.
“We need to move in this direction and localize production [of Indian drugs] in Russia. Especially when it comes to pharmaceutical substances, where we are very strong,” he emphasized. He noted that many Indian pharmaceutical manufacturers have already opened their sites in Russia, while others are still considering this possibility. There are also Russian entrepreneurs who want and can work in the Indian pharmaceutical market, Faruk noted.
He also said that there is potential for this. “And I think that the time has come for this, since our countries now have excellent relations at all levels. I think that the interaction of our countries in the pharmaceutical industry will continue to develop,” the agency’s interlocutor said. In 2023, India was the largest supplier of drugs to Russia (300 million packages).