Mumbai : In a bid to facilitate export of generic drugs to Bahrain by Indian drug manufacturers, the National Health Regulation Authority (NHRA) of the gulf country has shown willingness to simplify the registration process for Indian pharmaceutical products.
There is a good opportunity for Indian pharmaceutical companies to explore possibilities of joint venture/ investment in Bahrain, which is a gateway to US$ 1.5 trillion Gulf Cooperation Council (GCC) market in addition to their own domestic market, said a senior official of Department of Pharmaceuticals (DoP).
DoP has recently written to industry associations—Indian Drug Manufacturers’ Association (IDMA), Indian Pharmaceutical Alliance (IP Alliance) and Pharmaceuticals Export Promotion Council of India (Pharmexcil) urging them to sensitize their member companies to register their products with NHRA to maintain their market share and benefit from the upcoming opportunities.
The Ambassador of Bahrain is planning to conduct a webinar with the concerned agencies of Bahraini government i.e. NHRA, Economic Development Board (EDB), pharmaceuticals importers and exporters from India and Bahrain to discuss overall challenges faced by Indian companies to register their products in Bahrain as well as explore possibilities of joint venture/investment by Indian pharmaceutical and vaccine manufacturing companies in Bahrain.
DoP asked industry bodies to sensitize their members in this regard.
Amid a GCC-wide rise in demand for pharmaceuticals and medical devices, Bahrain is all set to lure Indian drug companies to facilitate import of low-cost generic drugs, stated India Ambassador to The Kingdom of Bahrain Piyush Srivastava.
Current estimates indicate that the GCC-wide pharmaceutical industry – especially in Bahrain, Saudi Arabia, and the UAE – is worth approximately US$ 20 billion, with demand expected to grow.
Yet as many as 80 per cent of medicines are imported from outside the country, creating a huge opportunity to set up shop for healthcare exporters such as India, the world’s largest supplier of generic drugs, he added.
Srivastava said, “India has a great following in the pharmaceutical and Homoeopathy sectors in Bahrain and aims to collaborate further by contributing to the developed healthcare infrastructure. There are loads of opportunities and a suitable environment for setting up manufacturing units locally in joint ventures or the public-private partnership model.”
Healthcare is a crucial policy focus area for the government of Bahrain, with the increasingly rising population driving demand for modern medical services and innovations.
The Kingdom is focused on becoming a leading centre for modern medicine in line with its 2030 Vision, of providing high-quality and financially sustainable patient care throughout the GCC region.
The population of Bahrain is projected to hit approximately 2.2 million in the next decade, a rise of 55 per cent from 2016, which will drive the demand for healthcare and hospital beds.
