Potential for development of cooperation between Bulgaria and India in the pharmaceutical industry

A webinar on "Cooperation between Bulgaria and India in the pharmaceutical sector" and a networking session with companies from both countries were held – organized jointly by BCCI, the Embassy of India in Sofia, and the Pharmaceuticals Export Promotion Council of India (Pharmexcil).

"The role of the pharmaceutical sector in resolving the global health crisis is undeniable. Today we focus on the opportunities for cooperation between companies from Bulgaria and India to more quickly deal with the challenges of the pandemic," the President of BCCI Tsvetan Simeonov said during the event. He presented an overview of the pharmaceutical sector in the country, which has long-standing traditions, good experience in the field of innovation and is one of the leading sectors during the COVID-19 pandemic. Simeonov also shared information about the GS1 standards in healthcare. Emphasis was placed on the main advantages of the Bulgarian economy, the geostrategic location of Bulgaria and its EU membership.

On the Indian side, Udaya Bhaskar, Director General of Pharmexcil, presented information on the pharmaceutical industry in India - one of the leading manufacturing industries in the country. India ranks 3^rd in the world in terms of the volume of drugs produced, with an annual volume for over USD 20 billion, most of which intended for exports. Udaya Bhaskar informed that India is a leading manufacturer of high quality and affordable generic medicines.

The event was supported by H.E. Mr. Sanjay Rana, Ambassador Extraordinary and Plenipotentiary of India in Sofia, who said that in the last 2 years the pharmaceutical sector has played a leading role in the fight against COVID-19. Not only is the production of generic drugs growing in India, but also of vaccines.  Ambassador Rana also outlined opportunities for cooperation between Bulgarian and Indian companies in the field of clinical trials and the manufacture of medical devices and equipment, due to the advantages of Bulgaria in the field of research and production of electronic components.

The procedures for registration of drugs in Bulgaria were presented by Bogdan Kirilov, Director of the Bulgarian Drug Agency. He noted that Indian exporters have well-completed and comprehensive documentation.

Petar Velev, Manager of Ecopharm Ltd. and Member of the GS1 Bulgaria Board, shared his experience with Indian partners, outlining potential opportunities for cooperation in the field of pharmacy.

An extensive presentation on the pharmaceutical sector in India and the role of the country in global pharmacy was made, as well as a presentation on investment opportunities in Bulgaria and the pharmaceutical sector in the country.

After the official part, an interactive session was held with the participation of more than 70 representatives of the pharmaceutical industry from both countries, who took part in the event and exchanged information.