Jakarta: India hopes the Indonesian government will undertake policy reforms that will enable Indian companies to invest in the South-East Asian nation's pharmaceutical sector.
Since Indian pharmaceutical products are affordable and of high standards, India can contribute immensely to the growth of Indonesia's pharmaceutical industry, an Indian embassy release here said.
Speaking during a pharmaceutical exhibition, participated by 39 Indian small and medium enterprises (SMEs) between March 20-22, Indian Ambassador Gurjit Singh expressed optimism of "early policy reforms by the Indonesian government".
Singh said this would result in "meeting the increasing demand of pharmaceuticals at competitive prices once the Indonesian Government initiates the social insurance cover for its population".
Indian exports of pharmaceuticals to Indonesia reached about $75 million in 2011-12 from $44 million in 2008-09.
The Indian pharmaceutical industry, valued presently at over $25 billion, has gained recognition as the global pharmacy of the world on account of being able to prove quality generic medicines at affordable price.
It has been recognised as a reliable source for bulk drugs (APIs), drug intermediates and formulations (generics), pharmaceutical machinery and packaging.
This year major Indian companies in the CPhI-SEA included Morepen Labs, SG Pharma, ACG Group, Sterile India, Thermolab Scientific Equipments, Borosil Glass Works Brothers Pharmamach, and Healthcaps.