New Delhi: Indian drug manufacturers talk to Mexico about the simpler approval process because they are trying to strengthen exports to the second largest pharmaceutical market in South America, two people said about this matter.
The Association of Indian Drug Manufacturers (IDMA) intensifies the focus on Mexico and bet that the comprehensive process of drug approval will be simplified, people have stated on the condition of anonymity. Members of the Association talk to officials from the Mexican Ministry of Economy and Health Regulator Cofepris (Federal Commission for Protection against Hygiene Risks) to explore new rules and financial incentives, people said.
According to an international reconnaissance and consulting group, it is expected that by 2033 the export of medicine to Mexico, which is currently worth more than $ 20 billion by 2033, and is expected to increase to $ 38.5 billion by 2033 by 2033.
Home pharmacies are only $ 180 million.
Indian drug manufacturers encounter challenges, especially lengthy and complex regulatory obstacles determined by Cofepris.
The Indian Pharmaceutical Industry, the third largest volume, is global powerhouse with a diverse product base including generic drugs, vaccines and biology. In the fiscal year 2023-24, the market was awarded $ 50 billion, with exports representing $ 26.5 billion, according to estimates provided by the Ministry of Drugs.
Questions E -mail E -mail at the Embassy of Mexico in Nový Delhi remained unanswered.
“Idma regularly participates in interactions with national regulatory agencies from various geographies,” Dr. Viranchi Shah, National spokesman for IDMA.
Interviews reflect the growing recognition of India in Mexico as a reliable supplier of high quality and available drugs.
This pressure is part of a wider effort to strengthen the overall business relationship between the two countries. While Indian exports to Mexico are growing, to a large extent driven by automotive and automatic sectors, the pharmaceutical industry remains an insufficiently explored way.
Indian pharmaceutical companies want to use Mexican closeness to the US and its network of trade agreements to use it as a base for expanding to the North and Central American markets.
While the recent virtual meeting has been postponed, an official who is with this matter, said Idma was in contact with the Mexican authorities to solve these problems. This is followed by a similar meeting held a few months ago, indicating a consistent dialogue to streamline processes for Indian drug manufacturers.
Mexican pharmaceutical market, second largest in Latin America after Brazil And growth is supported by an aging population and growing prevalence of chronic diseases. For Indian companies that are global leaders of generic drug production, a simplified regulatory path in Mexico could unlock the main new export corridor and diversify their international presence.
(Tagstotranslate) Indian drug manufacturers (T) Mexico
