Business news

Mikhail Myasnikovich emphasized that the pharmaceutical industry plays a priority role in the development of the Belarusian economy. Belarus buys about 50% of medicines abroad. “For a small European state like Belarus the annual import of medicines worth more than $500 million is quite big,” Mikhail Myasnikovich said. According to him, Belarus buys impressive volumes of finished drugs and pharmaceutical ingredients from India, and these volumes are not reducing.

Meanwhile, Belarus has adopted a strategic decision to ramp up its own production of medicines. “Net import may be somewhat optimized, with the priority being given to the joint production of medicines. Let’s do this business together,” Mikhail Myasnikovich said addressing the Indian partners.

Among the advantages of such cooperation, Mikhail Myasnikovich noted the ability to work, without restrictions, on the large Eurasian market. “There are not enough medicines in Russia, Kazakhstan, and the EEU, of which Belarus is a member, provides free circulation of medicines in the Eurasian space. He added that soon all barriers to the circulation of medicines in the EEU will be removed completely. All necessary agreements have already been ratified; administrative procedures are being carried out now.

“For the time being we are not raising the issue regarding the level of localization. In the early stages it can be low. But gradually we will be increasing it. All these steps will be agreed upon. We will be working to create a comfortable environment for our joint work,” said Mikhail Myasnikovich.