New Delhi has refused to bend to the whims of Biden administration and it’s allies to break trade links with Moscow thus far. If the same approach were to be continued, India could take advantage of Western Big Pharma cutting ties with Russia.
According to Moscow’s envoy, Indian pharma enterprises may soon discover new commercial prospects in Russia as a number of European and US businesses stop activities in the nation over its military operation in Ukraine.
Ambassador Denis Alipov, talking to the Rossiya 24 station on Friday, said that India is a top producer of generic medications that are equivalent to well-known brands, dubbing the country a “world pharmacy.”
“The withdrawal of many Western companies from the Russian market and those niches that have been vacated may actually be occupied by Indian companies in many industries, in particular, in pharmaceuticals,” he told the broadcaster, adding that India “has long and actively been present in the Russian market” – including joint medicine production ventures – “and I think even greater opportunities will open now in this niche.”
Pfizer, Eli Lilly, and Sanofi are among the Western pharmaceutical corporations that have announced they are halting “non-essential” activity in Russia as a result of the country’s operation in Ukraine. Due to the military action and the “brutal situation it has created,” the previous firm, for example, declared it would “no longer initiate new clinical trials in Russia.”
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However, several of those companies have stated that they will not completely abandon Russia, with Pfizer stating that it will continue to “providing needed medicines to the patients already enrolled in clinical trials.”
Eli made a similar statement, saying that it will continue to distribute certain drugs in the country while suspending “all investments, promotional activities, and new clinical trials.”
Despite a comprehensive sanctions campaign spearheaded by the US and a vast number of European allies, New Delhi has refused to bend on their aspirations to break trade links with Moscow, purportedly finalizing a contract to acquire Russian crude oil at a steep discount earlier this week.
China has also been pressured to separate itself from Russia, but has declined, describing the wave of penalties as counterproductive and in violation of international law.