Usha Sharma – Mumbai
In a move to encourage export business of small and medium-sized pharmaceutical companies, Pharmaceuticals Export Promotion Council of India (Pharmexcil) will set up a warehouse facility in Nigeria under the Brand India Pharma campaign. The facility will be designed specifically for APIs, finished pharma products and formulations. Pharmexcil is targeting to open the new warehouse facility by the end of March or early April 2013. It will provide subsidised rates to its members for renting the facility.
Nipun Jain, SME Panel Chief, Pharmexcil said, “Under the Market Access Initiative (MAI) Scheme, Pharmexcil will set up its first overseas warehouse facility in Nigeria. As per the scheme, for the first three years, we have planned to give 75 per cent, 50 per cent and 33 per cent subsidies respectively.”
Jain while highlighting other aspects said, “We will only provide land and give subsidy on the rent while other aspects like product registration and approvals will be taken care of by individual companies. This facility will allow them to hire their own mercantile representatives. Certainly, this will help companies for the initial three years. Companies will be able to understand the market in a better way.”
Pharmexcil has already identified the land which is spread across 3000 – 5000 sq ft. This facility will give value addition to all members who choose to avail of this offer. “We are already in talks with the The National Agency for Food and Drug Administration and Control (NAFDAC) to reduce the approval time by approximately two to three months. NAFDAC representatives and the Indian ambassador in Nigeria have already visited the proposed location and have given the necessary approvals. We are hopeful that formalities will be over soon,” said Jain.
“If this model works out properly, then we have plans to build replicas of this in four other countries as well. We are considering Japan and ASEAN countries for the next warehouse location,” revealed Jain.