Iran, India to boost pharmaceutical exports.

India continues to expand its trade ties with sanctions-hit Iran. After the import of crude oil from the Persian Gulf country, India is now promoting exports of its pharmaceutical products to Iran. More importantly this expanding trade will be conducted in Indian Rupees.

Indian UCO Bank has already been nominated as the official banker for future pharmaceutical exports. UCO Bank also holds Iranian account to collect the proceeds of its crude oil exports to India.

With the increased pharmaceutical trade, Iran would now be able to utilize some of the money accumulating in this account.

Indian pharmaceutical companies are internationally known for manufacturing generic drugs cheaply. The Iranian drug industry have been procuring active pharmaceutical ingredients, API's or bulk drugs from the European region in the past.

On 17 December a delegation of Pharmaceutical Export Promotion Council of India will tour Tehran. With full support of both the governments, it will try to identify the demand for various drugs in that country.

India currently exports only USD 51 million of drugs to Iran. This has come down from USD 61 million in 2011. The annual sales of pharmaceutical products in Iran are USD 3.2 billion.

Analysts hope that with the rupee trade issues sorted out export of medicines to Iran will become faster and pharmaceutical companies can now step up their production accordingly to meet the demand.


Source : presstv.com