The Pharmaceuticals Export Promotion Council (Pharmexcil), with the support of the Union Ministry of Commerce and Industry, will be organising the iPHEX-LATAM from Feb 17-28.
As many as 105 industry leaders representing 82 leading pharmaceutical companies in the Latin American (LATAM) region, specifically Guatemala, Colombia, and Chile, will attend the meet.
“This is the first such big business delegation in the history of Pharmexcil in which leading American and Indian pharma companies will explore trade and business avenues,’‘ R Uday Bhaskar, Director-General, Pharmexcil, said.
The LATAM region is an emerging export market for Indian pharmaceuticals, currently constituting 6.78 per cent of overall pharma exports ($1.72 billion) in the last fiscal year.
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IPHEX-LATAM has invited health ministry officials, drug regulatory agencies, and government procurement agencies of the respective countries to foster a deeper understanding and collaboration between Indian pharmaceutical exporters and the key stakeholders in the LATAM region.
There are 33 countries in Latin America, including Mexico, Guatemala, Honduras, Nicaragua, El Salvador, Costa Rica, Panama, Belize, Haiti, Cuba, Dominican Republic, Jamaica, Trinidad & Tobago, Barbados, St Lucia, Grenada, St Vincent & Grenadines, and Antigua & Barbuda, among others.
“The significant potential of this region aligns with our goal to achieve the ambitious target of $28.141 billion in pharma exports for fiscal year 2024,’‘ Bhaskar said.
A series of B2B meetings scheduled during the event will serve as a platform for Indian pharmaceutical companies to engage with their counterparts in Guatemala, Colombia, and Chile, paving the way for concrete partnerships and collaborations, according to Bhaskar.
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“This initiative is not just about business transactions; it’s about building lasting bilateral ties. By engaging with health ministries, regulatory agencies, and procurement bodies, we aim to create a conducive environment for the sustained growth of Indian pharmaceutical exports in the LATAM region,” Bhaskar said, adding that Pharmexcil’s proactive approach is aligned with India’s vision to be a key player in the global pharmaceutical arena.