Cadila Healthcare Ltd (Zydus Pharmaceuticals) launched its commercial operations in Mexico City by hosting a Bollywood dance programme and dinner there on July 23.
The Indian Ambassador to Mexico Sujan R. Chinoy participated in the event, embassy sources said here.
Zydus Pharmaceuticals has a presence in more than 30 countries with 20 manufacturing plants and over 300 products. The fifth largest pharma company in India is among the top 10 generics companies in the US. Zydus has four R&D centres and eight new molecules in development.
Last month Zydus said Indian regulators had cleared it to start selling a new diabetes drug -- the first new chemical entity discovered and developed entirely in India. Lipaglyn, which controls high blood sugar and cholesterol with a single pill, will be launched in India in the coming months, and Zydus is seeking regulatory clearance to sell it globally.
Ambassador Chinoy said India was now among the top five pharmaceutical emerging markets and its pharmaceutical industry was known for its competence in the manufacture of complex drugs and technology development. It has been growing at a compounded annual growth rate of more than 15 per cent over the last five years. The Indian pharmaceutical sector is expected to grow five-fold to reach $91 billion by 2020. Last year, the industry registered exports of $13 billion at a growth rate of 30 per cent.
The Government has also planned a ‘Pharma India’ brand promotion action plan spanning a three-year period to give an impetus to generics exports. In Latin America, Mexico is the largest trading nation and its trillion-dollar-plus economy is growing at about 4 per cent annually. Its bilateral trade with India has grown at over 40 per cent per annum in recent years, touching $6.3 billion in 2012. About 35 Indian companies have already established a presence in Mexico, including in IT, pharmaceuticals and auto components.