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The move is anticipated to create a big boom to the Indian pharmaceutical companies seeking to establish themselves in this part of the world.
Indian drug-makers previously were not allowed to supply drugs to Argentina under its constitutional directive.
Argentina's pharma industry is estimated to pass $15 billion by 2020, and is said to be the largest pharma market in Latin America.
So far, Indian pharma majors including Glenmark, Cadila, and Torrent Pharma already have set up their base in Brazil.
Moving ahead, more information could surface from the Argentinian government on pharma import regulations.