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In a significant step towards strengthening bilateral trade and cooperation in the pharmaceutical sector, the Embassy of India in Armenia, in collaboration with the International Chamber of Commerce (ICC) and with the support of the Pharmaceuticals Export Promotion Council of India (Pharmexcil) has set up the India-Armenia Business Forum in Pharmaceutical Sector.
Armenia stands as an emerging market within the CIS region, offering untapped potential for expanding trade with India. Based on the market's stability and the broader economic context, forecasts project Armenia's pharmaceutical market to grow to USD 548.4 million by 2027, demonstrating a five-year compound annual growth rate (CAGR) of 10.4%.
With India emerging as a global pharmaceutical powerhouse and Armenia providing strategic market access in the region, both nations are exploring ways to foster deeper engagement in the sector. This initiative is designed to facilitate investment opportunities for Indian pharma companies in Armenia, establish potential joint ventures and address key challenges faced by Indian pharmaceutical enterprises operating in Armenia.
Raja Bhanu, director general of Pharmexcil, emphasized the importance of this collaboration, stating, “India’s pharmaceutical industry has a significant role to play in Armenia’s healthcare sector. This forum is a crucial step in identifying business opportunities, regulatory harmonization, and investment possibilities that will benefit both economies.”
India is a leading global exporter of pharmaceuticals, known for its high-quality yet affordable medicines. Armenia, with its growing demand for healthcare solutions, offers a promising market for Indian companies. By fostering trade and investment, the two countries aim to improve accessibility to essential medicines and innovative pharmaceutical products.
Key areas of focus include regulatory frameworks, market entry strategies, and policies to boost pharmaceutical trade between India and Armenia. The event will feature leading industry experts, policymakers, and business leaders from both nations, setting the stage for long-term collaborations.
With the India-Armenia Business Forum, both nations are poised to unlock new trade opportunities and strengthen their pharmaceutical ties. This collaboration marks a significant milestone in enhancing economic growth and healthcare accessibility, setting the foundation for a sustainable and mutually beneficial partnership.
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