December 20, 2017
The MoU, first signed on December 6th in New Delhi, includes exchange and training of medical doctors, officials, other health professionals and experts
India and Cuba will also cooperate in procurement of generic and essential drugs as well as in sourcing of health equipment and pharmaceutical products
Combination of Cuban expertise in biotechnology and India’s leading manufacturing capabilities promises high-quality and high-margin business opportunities
The countries already have MoU in biotechnology between the Department of Biotechnology, India’s Ministry of Science and Technology and BioCubaFarma of Cuba
India and Cuba have entered into an agreement to partner in the field of health and medicine. A memorandum of understanding (MoU) to this effect has been approved by India’s Union Cabinet chaired by Prime Minister Shri Narendra Modi, according to an official announcement on December 20th. The MoU, signed on December 6th in New Delhi, includes exchange and training of medical doctors, officials, other health professionals and experts. It also involves assistance in development of human resources, health services and setting up of healthcare facilities. The countries will also collaborate in short-term training of human resources in health. The partnership comes at a time when India is touted to become the third largest pharmaceuticals market by 2020.
The latest MoU includes enhanced cooperation in regulation of pharmaceuticals, medical devices and exchange of related information. This will help promote business opportunities in pharmaceuticals and others identified by the participants. India and Cuba will also cooperate in procurement of generic and essential drugs as well as assistance in sourcing of drug supplies, health equipment and pharmaceutical products. While India is the world’s largest producer of generic drugs, Cuba’s affordable and efficient healthcare sector has generated global reputation. The deal leaves room for expansion in partnership in the health sector. The countries will set up a joint working group to further elaborate the details of cooperation and to oversee the implementation of the MoU.
The combination of Cuban expertise in biotechnology and pharmaceuticals and India’s renowned research and manufacturing capabilities promises high-quality and high-margin business opportunities. The countries already have MoU on cooperation in biotechnology between the Department of Biotechnology, India’s Ministry of Science and Technology and BioCubaFarma of Cuba. India’s major export items to Cuba are pharmaceutical products and organic chemicals, while major import items from Cuba are pharmaceutical products and tobacco items. Beyond healthcare, India and Cuba have signed deals on bilateral trade, cultural, science and technology, biotechnology, sports, renewable energy and consumer protection and cultural exchange program.