Star News Agency
New Delhi. India and Russia have agreed to explore the possibility of setting up of Joint Ventures in Pharma and Bio-Pharma sectors, API and therapeutic specific sector in both countries, including joint setting up of R&D/Testing facilities. They have also agreed to exchange of technical knowhow for production of Pharma products including bulk drugs, serums, bio-similars, vaccines etc., participation in setting up of enterprises for scientific and production capacity. This was decided during a meeting between the Indian delegation, led by Secretary Pharmaceuticals, Shri Mukul Joshi and Russian delegation led by Russian Minister for Industry and Trade, Mr. Victor B. Khristenko here today.
The two sides have also agreed on a draft Memorandum of Understanding (MoU) to encourage collaboration in the areas of trade, industry, joint ventures and R&D in the Pharma and Bio-Pharma sectors. They have also agreed to exchange of information on the issues of regulation in the export/import of pharmaceuticals products including Active Pharmaceuticals Ingredients, etc.
During the meeting the two sides discussed the issues relating to Pharma and Bio-Pharma sectors including support to Indian Joint Ventures for Government Procurement from Russian side in terms of market assurance, Tax and Investment incentives, financial collaboration, infrastructure and utility services, protection of investment made by Indian industry, easy repatriation of profits and other incentives and specific support during construction/establishment of production facilities in Russia including work force from India etc.
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