Russia signals for stronger bilateral relation with India in healthcare sector

Russia has sent strong signal to strengthen the bilateral ties between the two countries in the healthcare sector, by inviting the Indian pharma companies and hospitals to set up their base in Russia. This was informed by the top representatives of the Russian government, during a high level interactive meeting in Mumbai recently.

Currently, the trade relation with Russia is one of the strongest that India can boast of, having over $11 billion business turnover which is further expected to go up to $20 billion in the next year. However, healthcare is a major area which remains to be untapped till now having a huge market potential to explore.

Interestingly, this is the first Russian trade delegation of 20 members to India to explore the opportunity in the healthcare sector. Vijay G Kalantri, president of the All India Association of Industries (AIAI) informed that the Russian delegates were very keen on collaborating with the Indian counterparts in the field of medical technology that is aimed at benefiting both the countries.

Russian delegates expressed their interest in collaborating with the Indian healthcare companies for exploring the possibilities of developing research and development (R&D) activities along with marketing their technologies in India. During the meeting, Alexander Lukianov, the head of the PR Directorate of Moscow Foreign Economic and International Relations Department informed that Russia has a sling of incentives for pharma companies who are interested in setting up their base in Russia and invited the Indian companies to take full opportunity of the same before its deadline in 2020.

“Through this meeting the Russian government has clearly expressed their interest in working closely with Indian health care companies, which again received a tremendous response from the Indian counterparts. We are happy to note that many of the Indian hospitals, medical equipment and pharma companies have already shown positive  inclination towards starting proactive initiatives to boost exchange of ideas and trade relations with Russia,” Kalantri added.

Kalantri pointed out that Russia is one of the top manufacturers of high quality medical devices and hospitals equipments, having a huge market potential in the Indian market. Likewise India is a huge source for highly skilled and experienced work force in the health care sector. Apart from that there is huge interest in Russia to attract Indian pharma companies and hospitals to Russia to set up their base to better leverage the services which will be mutually beneficial for all, that will also help both the countries in addressing their health care needs.

Source