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India-Armenia Pharma Ties Strengthen at iPHEX 2024

In her address, Deputy Minister of Health of Armenia, Lena Nanushyan emphasized the longstanding partnership between Armenia and India in the healthcare sector. She highlighted their shared commitment to the noble goal of "health for all".

• By PharmaNews Live Desk
• New Delhi
• Sep 02, 2024

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The International Pharmaceutical Exhibition "iPHEX 2024," held in India, witnessed active participation from Armenia, led by First Deputy Minister of Health, Lena Nanushyan. 

Organized by the Government of India and the Pharmaceutical Export Promotion Council (Pharmexcil), the event served as a significant platform for global pharmaceutical companies and healthcare executives to discuss innovations and collaborative opportunities. 

 In her address, Lena Nanushyan emphasized the longstanding partnership between Armenia and India in the healthcare sector. She highlighted their shared commitment to the noble goal of "health for all," underlining the importance of continued collaboration to save lives and improve healthcare services. 

Expanding Pharmaceutical Relations Between India and Armenia 

As part of Armenia's 2020-2050 transformation strategy, the Deputy Minister presented the Armenian government's ongoing efforts towards comprehensive health reforms. Nanushyan also detailed the regulatory framework governing Armenia's drug sector, which plays a crucial role in implementing the national drug policy and ensuring access to safe, effective, and high-quality medicines. 

At the conclusion of her speech, Nanushyan expressed optimism about the future of Armenia-India relations in the pharmaceutical sector. "We are open to close cooperation with international partners, including Indian partners, in order to bring effective, safe, and quality medicines to Armenia," she stated. 

The three-day event, held at the IEML Knowledge Park-II in Greater Noida, commenced on August 28, 2024. iPHEX 2024 is recognized as one of the largest platforms for showcasing India's pharmaceutical capabilities to a global audience. Over 400 major Indian pharmaceutical companies participated, displaying a wide array of products and technologies to more than 400 foreign buyers. 

Union Minister of State for Commerce & Industry, Jitin Prasada, who inaugurated the event, highlighted India's growing role as a global leader in cost-effective healthcare and pharmaceuticals. He urged the Indian pharmaceutical industry to strive towards becoming the world's healthcare custodian. 

The global pharmaceutical market, currently valued at USD 1,493 billion, is expected to grow significantly in the coming years, with the Asia-Pacific region leading the charge. Within this context, India's pharmaceutical exports have shown robust growth, marking a 9% increase in FY24, which speaks of India's critical role in the global market. 

Armenia's Growing Pharma Market and India’s Role

Armenia stands out as an emerging market within the Commonwealth of Independent States (CIS) region with substantial opportunities for trade expansion. In 2022, Armenia imported pharmaceuticals worth USD 213.7 million, with projections indicating that the market could grow to USD 548.4 million by 2027. This potential growth is driven by a 10.4% compound annual growth rate (CAGR). 

Earlier this year, Pharmexcil, in collaboration with the Embassy of India in Armenia, organized a webinar titled "Armenia-India Collaborative Opportunities in the Pharmaceutical Sector," which provided insights into Armenia's regulatory framework and healthcare reforms. 

The event aimed to enhance the understanding of the Armenian market among Indian pharmaceutical companies, paving the way for future partnerships. 

Armenia's participation in iPHEX 2024 reflects the growing significance of India-Armenia ties in the pharmaceutical sector. The ongoing dialogue and shared commitment to healthcare excellence promise a bright future for the partnership, benefitting both the countries.