Cooperation opportunities between Vietnam and India in the pharmaceutical sector

The event is one of the largest fairs in the pharmaceutical sector, bringing together over 400 leading Indian pharmaceutical companies and attracting over 400 buyers from across the world. This is a testament to India’s attractiveness and important role in the global pharmaceutical industry.

India's Role in the Global Pharmaceutical Industry

In the current context of globalization, pharmaceuticals not only play an important role in protecting public health but also a pillar in economic development. India, as one of the leading countries in pharmaceutical manufacturing, has affirmed its role as a reliable and quality supplier to the international market, especially Vietnam.

According to India's Minister of State for Commerce and Industry, Mr. Jitin Prasada, India's pharmaceutical exports have increased from 14.9 billion USD in fiscal year 2014 to 27.9 billion USD in the recent fiscal year, registering a growth of more than 90% over the past 10 years.

International Pharmaceutical and Healthcare Exhibition (IPHEX 2024)

Minister of State Prasada stressed that India is focused on innovation, quality and is always working towards the global market. He also highlighted the importance of international competitiveness, saying that it is the key for India to maintain its position in the global market.

In addition, new free trade agreements (FTAs) signed between India and countries such as the UK, Australia, and Peru have made it easier to approve various products and reduced tariffs. He hopes that the pharmaceutical industry will be able to take advantage of these new agreements for faster product approvals. He also noted that the Indian government has launched several support programs, including the production-linked incentive (PLI) program for active pharmaceutical ingredients (APIs) and medical devices.

Cooperation and development opportunities for Vietnamese enterprises

IPHEX 2024 not only brings opportunities for Vietnamese businesses to access advanced pharmaceutical products and technologies from India, but also creates conditions for Vietnamese businesses to participate more deeply in the global pharmaceutical supply chain.

Within the framework of the event, Vietnamese enterprises will have the opportunity to participate in seminars, B2B meetings, and interact with leading managers, experts and researchers in the pharmaceutical industry. This is a great opportunity for the parties to exchange information, share experiences and seek business cooperation opportunities, while also promoting economic relations between Vietnam and India.

Commitment of support from Vietnam Trade Office in India

Many Vietnamese enterprises attend IPHEX Fair 2024

Attending the IPHEX 2024 Fair, the Vietnamese business delegation includes leading pharmaceutical companies such as Labh Pharma Vietnam Co., Ltd., Sohaco Pharmaceutical and Trading Joint Stock Company, Medipharco Pharmaceutical Joint Stock Company, Han Gia Pharmaceutical Trading Company Limited, Southern Pharmaceutical Joint Stock Company, Abipha International Pharmaceutical Joint Stock Company, Soha Vimex Pharmaceutical Joint Stock Company, Molkem Chemicals Vietnam Co., Ltd., together with representatives of the Drug Administration of Vietnam - Ministry of Health. The Vietnam Trade Office in India is committed to continuing to accompany and support Vietnamese businesses in finding partners, expanding markets, and ensuring the supply of high-quality pharmaceuticals to meet the growing domestic demand.

Source: https://congthuong.vn/hoi-cho-trien-lam-iphex-2024-co-hoi-hop-tac-giua-viet-nam-va-an-do-trong-linh-vuc-duoc-pham-342212.html