Pharma cluster to be set up by 6 Indian companies in Mexico

The Fact News Service

October 13

Dr Reddy’s Laboratories, Zydus
Cadila, Glenmark Pharmaceuticals NSE 1.00 %, Torrent Pharmaceuticals, Hetero Drugs and Ackerman Pharma ––  signed a deal
with Hidalgo state of Mexico to set up a large pharmaceutical cluster for
production and logistics.

According to a report in Economic Times, Mexican pharmaceutical market, the second largest in Latin America
after Brazil, was worth $10.6 billion last year. The country, considered one of the most developed drugs markets in the region, houses around 200 pharmaceutical companies, including some large multinationals.

Also, India reported a 67.6% growth in drug exports to Mexico in the first
five months of the ongoing year till August, to $92 million, from about $55
million in the same period last year. In the previous fiscal year, total
exports to Mexico was about $160 million.

(story sourced through inputs from internal agencies)