South American nation Chile seeks cheaper drugs from India

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Updated: Sep 16, 2019 10:57 PM

State Trading Corporation (STC) and Supply Center of the National Health Services System of Chile (CENABAST) inked an MoU.

india, chileIn 2017, import of Pharmaceutical product in Chile was recorded $ 1.33 Billion and in 2018 recorded as a $1.53 Billion, 15.03% growth in total Pharmaceuticals Product import in Chile. (File photo: Reuters)

India and Chile have recently concluded an agreement which will allow the drug manufacturing companies in India to participate in the tenders made by the government of that country.

Confirming this to Financial Express Online, the ambassador of Chile to India Juan Angulo Monsalve said that “The agreement was signed and this will ensure that our country gets high-quality medicines at a low cost.”

According to the envoy, this will also, “help us in identifying the laboratories which can sell the medicines and also the private sector companies will be encouraged to participate.”

State Trading Corporation (STC) and Supply Center of the National Health Services System of Chile (CENABAST) inked an MoU, he added.

Discussion about this agreement was part of the talks when Prime Minister Narendra Modi and Chilean President Sebastián Piñera had met on the margins of the G7 in France last month.

Later this week, Institute of Public Health (ISP) and CENABAST of Chile are coming to India to participate in the two days International Regulators Meeting from Sept 19-20, in Hyderabad. This has been organized by Pharmaceuticals Export Promotion Council of India (Pharmexcil) with the support of the Dept of Commerce with a focus on the major export destinations.

Several countries from across the globe are coming for this event including the US, the UK, Argentina, Peru, Brazil, Iran, Sri Lanka, China, UAE, Iraq, Uzbekistan, Kazakhstan, New Zealand, etc.

In 2017, import of Pharmaceutical product in Chile was recorded $ 1.33 Billion and in 2018 recorded as a $1.53 Billion, 15.03% growth in total Pharmaceuticals Product import in Chile. In 2018, the top three countries recorded as Pharmaceuticals Product exporter to Chile, the US $247.56 Million followed by Germany – $188.56 Million, India – $91.53 Million and so on.

 

Mostly India pharmaceutical are medicaments consisting of products for therapeutic or prophylactic where are uses in measured doses which is recorded $77.33 Million were export to Chile in 2018.

The government of Chile issues monthly tenders and with the MoU in place Indian pharmaceutical companies can now participate and for Chile, they are hoping they will get cheaper medicines.

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