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«EXECUTIVE SUMMARY India is the 7th largest and 2nd most populous country in the world. It is also the 4th largest economy in the world in terms of ...»

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OPPORTUNITIES FOR CHILEAN COMPANIES TO INVEST IN INDIA &

COLLABORATE WITH INDIAN COMPANIES

EXECUTIVE SUMMARY

India is the 7th largest and 2nd most populous country in the world. It is also the 4th largest

economy in the world in terms of PPP. A series of ambitious economic reforms aimed at

deregulating the economy and stimulating foreign investment has moved India firmly into the front runners of the rapidly growing Asia Pacific Region and unleashed the latent strength of a complex and rapidly changing nation.

India's economy is currently growing by 8.75% per annum (in 2010) and this GDP growth rate is expected to increase to 9% - 10% per annum for each of the next 10 years. India's GDP will grow five times in the next 20 years, and GDP per capita will almost quadruple.

Today India is one of the most exciting emerging markets in the world. Skilled managerial and technical manpower that matches the best available in the world and a middle class whose size exceeds the population of the USA or the European Union, provide India with a distinct cutting edge in global competition. India’s time tested institutions offer foreign investors a transparent environment that guarantees the security of their long term investments. These include a free and vibrant press, a well established judiciary, a sophisticated legal and accounting system and a user friendly intellectual infrastructure. India’s dynamic and highly competitive private sector has long been the backbone of its economic activity and offers considerable scope for foreign direct

investment, joint ventures and collaborations:

1. HEALTHCARE

I. Opportunities for Chilean pharmaceutical companies in India:

India's pharmaceutical industry is now the third largest in the world in terms of volume and stands 14th in terms of value. The market is expected to touch US$ 31.59 billion by 2020.

ii. Collaboration in telemedicine iii. Collaboration in setting up hospitals in Chile iv. Health Insurance v. Ayurveda

2.EDUCATION Institutional Linkages Institutional linkages have been established between Chilean and Indian Universities in addition to the BECAS Chile Programme and the INDIAN TECHNICAL AND ECONOMIC

COOPERATION PROGRAMME (ITEC).

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3. SCIENCE AND TECHNOLOGY

i. Astronomy ii. Antarctica Studies iii. Use of Outer Space for Peaceful Purposes iv. Renewable Energy v. Oceanographic studies

4. INFORMATION TECHNOLOGY

The Indian information technology (IT) industry has played a key role in putting India on the global map. There already exist ties between Chile and India in the field of it and these have been strengthened by the participation of Chilean companies in INDIASOFT as well as Indian IT delegations' visit to Chile.

5. MINING India produces as many as 86 minerals which include 4 fuels, 10 metallic, 46 non-metallic, 3 atomic and 23 minor minerals. India holds several attractions for Chilean mining companies and considerable potential exists for setting up manufacturing units for value added products.

6. AGRICULTURE & FOOD India’s Agricultural Sector Agriculture is one of the strongholds of the Indian economy and accounts for 14.6 per cent of the country's gross domestic product (GDP) in 2009-10, and 10.23 per cent of the total exports.

Chile and India have taken some individual and joint steps towards forging a new business

relationship in the field of Agriculture. Areas to explore are:

i. Potential export of agricultural goods from India to Chile ii. Potential export of agricultural goods from Chile to India iii. Potential investment of Chilean companies in the India food sector (Food Processing, Fruits and Vegetables, Meat and Poultry).

7. DEFENCE The Indian defence industry has a huge potential for the civilian market. It is now entering into a phase of concentrated production. This means that industrial units are geared up to produce more and more dual-use items and at the same time concentrate on core areas of both military and civilian technologies.

8. TOURISM AND HOSPITALITY

9. INFRASTRUCTURE

The sectors which may be of interest for infrastructural investments in India are:

–  –  –

9. VEHICLES AND COMPONENTS

India’s automotive industry

Four Indian auto brands are distributed in Chile by prestigious companies:

From Jan to Oct’2010, import of auto parts and components from India has totalled US$ 1.44 million.

There is a vast scope for export of Indian auto brands, electric cars, three wheelers, two wheelers, and auto components to Chile.

CHALLENGES

One of the major hurdles in investment in the mining sector is the delay in approval due to bureaucratic delays, discretionary interpretation and need of numerous approvals and agencies at Central and State Government level.

Infrastructural impediments like high transport costs, inadequate availability of transport capacity and inadequate power evacuation infrastructure also creates impediments to investment.





Nevertheless there are vast opportunities for private and foreign investors to set up production facilities and tap large domestic market and export potential in India.

AGREEMENTS

Conscious of the obstacles that stand in way of trade, India and Chile are separately taking some individual steps towards forging a new business relationship. To India, Chile is a largely unexplored market. To Chile, India is a 1 billion people market which cannot be ignored. What the two countries do know is that there is scope for greater diversification of bilateral trade cooperation.

Recently, a Preferential Trade Agreement PTA was signed between India and Chile (see appendix) and strong movements to sign a CEPA (Comprehensive Economic Partnership Agreement) which should further strengthen trade links.

–  –  –

1. HEALTHCARE Presence of Indian top pharmaceutical companies in Chile Some of the most important pharmaceutical laboratories in Chile, namely M/s Laboratorio Volta, M/s Farmaindustria, M/s Pentafarma, M/s Pharma Genexx, M/s Laboratorio Recalcine, M/s Laboratorio Rider, M/s Farmoquimica del Pacifico, M/s Fresenius, M/s Laboratorio Chile, M/s Laboratorios Maver, M/s Laboratorio y Drogueria Nacional, M/s Biocross, etc. are already importing some pharmaceutical items from India. Pharmaceuticals worth US$ have been imported from India in the last two years. The main suppliers to Chile are Serum Institute of India, CIPLA, Indus Medicare, Alchem, Cadila Pharma, Torrents, Biological E, Hetero, Ind. Swift, Lyka Labs, SMB Corporation of India, Biotech Vision Care, Harsoria Healthcare Pvt. Ltd., IPCA Laboratories, Kamud, etc.

Major issues

i. Import of Indian pharmaceuticals:

Various steps have been taken by the Embassy of India to promote the pharmaceutical industry in Chile.

In 2005 the Embassy organized a Seminar cum Buyer Seller Meet on the Indian Pharmaceutical, Ayurveda and Unani industries, the emphasis of which was laid on the export of pharmaceutical and ayurvedic items to Chile as well as India’s advanced quality control and regulatory mechanisms.

The then Chilean Health Minister himself helped in promoting this event, which was also attended by the Chilean Government procurement and quality control agencies.

The Mission sought the participation of leading pharmaceutical companies who could focus on India’s pharmaceutical manufacturing, process control, computer-integrated manufacturing, biotechnology and technical management, technology innovations, and R&D technology.

Various Chilean delegations in the field of pharmaceuticals have also visited India:

Two Chilean Government officers from the Institute of Public Health, Chilean Ministry of Health, and three delegates from the private sector attended the Indo-LAC Health Summit organized by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Ministry of Commerce in Delhi in 2002.

Two Chilean companies, namely M/s Laboratorios Maver and M/s Zentex participated in the 2nd Indo-Latin American Pharma Meet organized by the Confederation of Indian Industries in Mumbai and Hyderabad in 2003.

Chilean Health Minister Dr. Pedro García paid an official visit to India in 2005.

–  –  –

While a good number of pharmaceuticals of Indian origin are successfully being distributed by local laboratories in the Chilean market, all of which have fully complied with the strict quality and safety standards of Chile, some prestigious companies of the Indian pharmaceutical sector have expressed their concern about the difficulties being faced by them to do business in Chile.

Their main concern is related to the following points:

• Domestic manufacturing is expected to shift from copy products to branded products under license from multinationals; thereby creating barriers to generics;

• Product registration process is long. They do not recognize INVIMA & ANVIS i.e.

neighboring Colombian & Brazilian regulatory accreditations.

• Domestic producers are the leaders in the private pharmacy sector, which is controlled by three pharmacy chains. Tough competition arises from these three pharmacy chains, which control 90% of the pharmacy sector.

The India Mission in Chile has been approached by many Municipalities in Chile wishing to import Indian pharmaceuticals for its medical centres and hospitals. However, barriers to registration of medicines have not allowed them to materialize their projects.

ii.Collaboration in telemedicine Medical care in India is comparable to the best in the world. With advancement in medicine and technology available in India, Indian doctors are being consulted worldwide through telemedicine to conduct surgeries and treat patients. Most of the reputed medical specialists in the United States of America and the United Kingdom are of Indian origin. Considering the expertise of the Indian doctors and hospitals, one of the reputed Clinics (Hospitals) in Chile has requested for telemedicine facilities with reputed Indian specialists.

iii.Collaboration in setting up hospitals in Chile

There is an opportunity to explore the possibility of collaborating with some of the leading private hospital chains in India to set-up state of the art hospitals in Chile. Noted Indian hospital chains like Apollo Hospitals, Fortis Healthcare and Max Hospitals may be contacted to consider the collaboration in this field. Another area of collaboration could be exchange of doctors with medical schools.

iv.Investment prospects for Chilean Health Insurance companies in India

The Indian health insurance market has emerged as a new and lucrative growth avenue for both the existing players as well as the new entrants. According to a latest research report "Booming Health Insurance in India" by research firm RNCOS released in April, 2010, the health insurance market represents one the fastest growing and second largest non-life insurance segment in the country. The Indian health insurance market has posted record growth in the last two fiscals (2008-09 and 2009Moreover, as per the report, the health insurance premium is expected to grow at a CAGR of over Page 5 25 per cent for the period spanning from 2009-10 to 2013-14.According to the Yes bank and an industry body report published in November 2009, the medical insurance sector would account for US$ 3 billion by 2012.Chile has a lot of expertise in the field of health insurance, and India, has a lot of potential for foreign investors. Chilean insurance companies can definitely expand their operations to India.

v.Ayurveda

With the popularity of Yoga in Chile, there has been a growing interest in Chile about ´Ayurveda´Indian system of alternative medicine. The benefits of Ayurvedic treatment with proven results provide an alternative to allopathic system of medicine in cases of chronic illnesses. Consequently, the possibility of import of ayurvedic medicines from India into Chile needs to be explored detailing the registration and approval processes laid down under the Chilean laws.

vi. Opportunities for Chilean pharmaceutical companies in India:

India's pharmaceutical industry is now the third largest in the world in terms of volume and stands 14th in terms of value.

According to data published by the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, the total turnover of India's pharmaceuticals industry between September 2008 and September 2009 was US$ 21.04 billion. Of this the domestic market was worth US$ 12.26 billion.

The Indian pharmaceuticals market is expected to reach US$ 55 billion in 2020 from US$ 12.6 billion in 2009. The market has the further potential to reach US$ 70 billion by 2020 in an aggressive growth scenario.

Moreover, the increasing population of the higher-income group in the country, will open a potential US$ 8 billion market for multinational companies selling costly drugs by 2015.

The domestic pharma market is estimated to touch US$ 20 billion by 2015, making India a lucrative destination for clinical trials for global giants. The market is expected to touch US$ 31.59 billion by 2020.

a. Government Initiatives 100 per cent foreign direct investment (FDI) is allowed under the automatic route in the drugs and pharmaceuticals sector including those involving use of recombinant technology.

The Government plans to set up a US$ 639.56 million venture capital (VC) fund to boost drug discovery and strengthen the pharma infrastructure in the country.

b. Investment

The healthcare sector has attracted growing investor support in 2010 with nearly a tenth of the total private equity funding going to this sector. In the third quarter the calendar year 2010, a total of US$ 2,047 million was invested across 88 deals, of which 9 per cent were healthcare deals.



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