HCM City(VNA) – Vietnam and India share high potential of cooperation inpharmaceuticals, medical equipment and services, stated Parvathaneni Harish,Indian Ambassador to Vietnam during a Vietnam-India conference and businessexchange in HCM City on August 3.

The diplomat said thatsince Vietnam and India elevated their ties to comprehensive strategicpartnership in 2016, bilateral collaboration in trade and investment has beenstrengthened considerably.

In the coming time,the two governments will prioritise the development of cooperation inpharmaceuticals, he said.

The ambassadorhighlighted that India is the world’s biggest generic medicine suppliers, meetingover 50 percent of the demands for vaccines of different kinds. In 2017, Indianmedical sector’s value was 33 billion USD, he said, adding that this will reach55 billion USD, with an export revenue of 20 billion USD.

India is now theworld’s third largest medicine producer as the country provides about 10percent of tje total medicine in the world. At the same time, the country has alarge number of scientists and researchers in the pharmaceutical sector, saidthe diplomat, adding that strong growth of the health care sector has also ledto the development of supporting services and medical equipment in the country.

Raghuveer Kini, ExecutiveDirector of the Pharmaceuticals Export Promotion Council of India, said that medicalequipment has become an emerging sector of India. The sector’s market isestimated to reach 11 billion USD in 2022. Made-in-India equipment has beenexported to over 150 countries, including Vietnam.

He said that Vietnamis an important market of India’s pharmaceuticals, medical equipment and healthcare in the ASEAN. The Pharmaceuticals Export Promotion Council of India hasencouraged Indian enterprises to strengthen investment in Vietnam as well astrade with the country, he added.

Truong Hung, VicePresident of the Ho Chi Minh City Medical Equipment Association, held that thecurrent demand for pharmaceuticals and medical equipment in Vietnam is high.

Vietnam has to import95 percent of its medical equipment, he noted, pointing out that the countryspent 816 million USD on the products in 2017, and the figure expands 15percent every year.

The VietnameseGovernment aims to ensure the supply of 60 percent of domestic demand in thefuture, which is a good chance for foreign investors, including those fromIndia, he said.

Hung noted thatVietnam’s pharmaceutical sector is now worth 3.5 billion USD, becoming apromising industry.

India is now thesecond largest pharmaceuticals suppliers of Vietnam, a country that imported 70million USD worth of medicine from India in 2017 and 80 million USD in 2018approximately.-VNA