TT-Indian pharmaceutical trade hits all-time high

Bilateral trade between India and TT crossed US$48 million for the first time in 2004. Products imported from India include basmati rice, ready-made garments and pharmaceuticals. At present, pharmaceuticals imported from India are estimated to be US$4 to 5 million or eight to ten percent of the market share. India’s increasing supply of quality medicines at affordable cost and its cutting edge research in medical technology are pushing health care exports to new heights and frontiers.

Simlo (Simvastatin), a product from Ipca Laboratories Ltd in India, is a tablet which purports to lower excessive cholesterol and significantly reduce the progression of coronary heart disease. Simlo is purchased by the Government of TT for the Chronic Disease Assistance Programme (CDAP) which is designed to provide low-income groups with free pharmaceutical drugs that are desperately needed and expensive to purchase.

Health Minister John Rahael said that significant numbers of people had benefited from CDAP since its introduction in 2003. The minister also said data from CDAP is being used to determine how the health sector can best respond to persons afflicted with various types of illnesses.

TrinPharm is the local distributor for Simlo and "must be credited for introducing high-quality, low cost drugs into the Trinidad market." In addition to Simlo, TrinPharm’s medicine chest includes Glycinorm-80 (diabetic treatment), Lisoril-10 (heart-attack therapy) and a wide range of Rapiclav brand remedies (which deal with ailments such as respiratory tract, urinary and skin tissue infections).

Ipca is one of the leading pharmaceutical companies to export its products to TT and its overseas markets span 75 nations which include Australia, Canada, Ethiopia, Italy, Sri Lanka and the USA.

India is becoming recognised as one of the leading countries in the world in the field of medical research and pharmaceutical drug manufacture and its pharmaceutical industry has been able to acquire a strong foothold in overseas domestic markets.

The value of overseas acquisitions by Indian companies doubled to US$9.3 billion in 2004 from US$4.5 billion in 2003. The latest acquisition has been that of Basell by the Chatterjee Group. It is expected that there will be a 30 percent jump in the number of mergers and acquisitions by the end of 2005.

Indian-born, US-based cardiologist Dr Ravi Shankar, who recently visited TT, said Indian pharmaceutical companies were improving the quality and quantity of their products by acquiring US- and UK- based pharmaceutical corporations. These corporate acquisitions allow Indian medicare companies first-time access to foreign patients and technology to expand their range of products and services. These acquisitions also offer prospects for the manufacture of new medicines to combat HIV/AIDS.

mahabir@tstt.net.tt,

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