(Photo Courtesy: www.diariodoturismo.com.br)
By 2020, its pharma market is expected to double-up touching $15 billion.
Due to Argentina's local domestic policies, previously, only APIs were allowed to be imported into Argentina from India.
According to a senior official who requested anonymity, for years, Argentina's pharmaceutical associations and local groups had local manufacturing interest. They lobbied many years together to maintain the competitiveness of Argentina's pharma companies and averted facing fierce competition from global pharmaceutical giants.
Speaking exclusively to BioSpectrum, Mr Amarendra Khatua, Ambassador, Embassy of India in Argentina said, "Indian pharma companies have to prepare a country specific market penetration action plan to develop distribution network, identify joint manufacturing areas, specialties and facilities and setting up production bases in Argentina. Multinational firms, Argentine laboratories and established distributors are strong here. Now that India has been provided the opportunity, they have to use the existing strength of these institutions to create openings for them. Immediate exports of generic drugs will increase and this will increase interest in the market."
Now along with India, other countries that are already exporting medicines into Argentina include Australia, Mexico, Brazil, Cuba, China, Chile, Finland, Hungary, Ireland, Luxemburg, Norway, and New Zealand.