New Delhi: The Indian Embassy in Cairo has issued a warning trade consultancy to all Indian pharmaceutical exporters regarding Biomed for the Egyptian company for the pharmaceutical industry. They were advised to seek a deposit against export orders, said two officials who realized the development.
Advice was provided to the Pharmexcil public sphere – India’s Pharmaceuticals Export Proport Council – deploying details.
According to counseling, several Indian companies showed significant delays in receiving payments from Biomed, although they met consignment supplies.
“Egypt remains a key business partner in Africa, a continent that is responsible for a significant part of the Indian export of pharmaceutical exports,” he said. These advice serve as a system of timely warning and provide intelligence information on potential risks such as unstable political climate, legal disputes and financial irregularities, the official added.
“This information allows Indian exporters to perform a thorough DUE diligence and alleviate potential losses … Restoring payment in a foreign country can be difficult and costly, often requires significant time and legal resources,” the other person said. “The recommendation of the embassy to request preliminary payments for consignments is a direct measure to protect these risks and ensure the financial security of Indian exporters,” the person added.
India has a 20% share of total global pharmaceutical exports and is the world’s best supplier of generic medicines by volume.
The Comtrade UN database shows that Indian pharmaceutical exports to Egypt were awarded $ 42.74 million in 2024.
Questions sent to Pharmexcil and Biomed for Pharmaceuticals remained unanswered until the press time.
(tagstotranslate) Indian Embasssy in Cairo (T) Cairo (T) Egypt (T) Indian Pharmaceutical Exporters (T) Biomed for Pharmaceutical Industries (T) Council
