India Wants Greater Pharma Market Access in Japan Pharma (Download PDF)

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Union Commerce Minister Nirmala Sitharaman announced India’s plan for greater market access in Japan to the domestic pharmaceuticals sector. Contribution of India to Japanese drug market is falling continuously.

This declaration was made at the seminar on promoting India’s exports to Japan under India-Japan CEPA (Comprehensive Economic Partnership Agreement) held in New Delhi.

Why is it Needed?

  • India has well developed pharma sector.
  • India’s share in the Japanese drug market is getting low and limited only to active pharmaceutical ingredients (API).
  • Japanese pharmaceutical market offers huge untapped potential for Indian pharma industry.
  • Japanese Government plans to open 80% share of generic medicines by 2018 opening huge opportunities for the generic drug industry of India.
  • Beneficial for both the countries- demand for generic medicines in Japan can be met by Indian Industry.

Background on India Japan Trade

  • India and Japan have long been closest and reliable trading partners.
  • In 2014, during Prime Minister Narendra Modi’s visit to Japan, both countries signed bilateral agreement to increase strategic and global partnership.
  • CEPA is most comprehensive agreement between both the countries concluded which came into effect in August 2011.
  • India and Japan signed a pre-CEPA trade agreement in 2010 worth $10.4 billion which presently (2016) stands at $14.5 billion.
  • India’s trade deficit with Japan grew from $3.1 billion before the CEPA was signed in 2011 to $5.2 billion now.

- Published/Last Modified on: October 10, 2016

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