Indian pharmaceutical companies supplying medicines to the Russian market have shown keen interest in localising production within the Russian Federation and collaborating on the development of new medicines. This announcement was made by Mir Faruq, Vice President of the Indian Business Council and head of the Russian representative office of Ipca Laboratories, a leading Indian pharmaceutical company.

According to Faruq, the trend towards localization is a natural process observed in both Russia and India. “For our Indian businessmen, this is the future. We need to move in this direction and localise production in Russia, particularly in the area of pharmaceutical substances, where we have significant expertise,” he stated.

Faruq highlighted that many Indian pharmaceutical companies have already established production facilities in Russia, with others actively considering this strategic move. He also noted the reciprocal interest of Russian entrepreneurs in entering the Indian pharmaceutical market. “India has extensive manufacturing experience. Collaboration between our two countries to create new original drugs is highly feasible. There is tremendous potential, and with our current strong bilateral relations, now is the opportune time,” he said.

In 2023, India emerged as the largest supplier of medicines to Russia, delivering approximately 300 million units, surpassing Germany. In monetary terms, this equates to about $700-800 million, reflecting a more than 3% growth in turnover. Faruq emphasised that India’s affordability advantage plays a crucial role in these figures. Faruq expressed optimism about the continued development of pharmaceutical cooperation between India and Russia. He mentioned that many drugs are currently in the registration process, with new names constantly emerging. Despite the average two-year period required to introduce a new drug to the Russian market, the overall dynamics remain positive.