DuBiotech invites Indian pharmas to UAE
Dubai, September 30, 2013
Indian pharmaceutical companies have been invited to invest at DuBiotech, Tecom Investments‘ free zone dedicated to the growth of the life sciences industry in the UAE.
DuBiotech has discussed a strategy with Sanjay Verma, the Consul General of India in Dubai, to encourage, educate and inform Indian investors about the potential represented by the UAE’s biotech sector.
GCC countries have the highest levels of imported medicines in the world, with UAE importing about 80 per cent of its drugs from international markets.
Importing such high levels of medication leaves the country vulnerable to price increases as a result of currency fluctuations and supply issues, said a statement.
Marwan Abdulaziz, executive director, said: “By supporting Indian firms in their move to the Middle East and providing a sound platform in Dubai from which they can operate, we are exponentially building on the potential for R&D collaboration; knowledge and technology exchange and ultimately addressing the imbalance in levels of imported drugs versus locally manufactured pharma products.
Major Indian companies already based at DuBiotech include a blend of biotechnology and pharmaceutical companies such as Sun Pharma, Epygen, Wockhardt, Lupin, and Life Cell and NeoBiocon, a joint venture company between UAE-based Neopharma and the Indian biotech innovator Biocon.
In 2012, DuBiotech witnessed exceptional growth, issuing 40 commercial licences in comparison to 21 in 2011, reflecting a year-on-year increase of 50 per cent. The total number of companies based in the free zone is now 126. - TradeArabia News Service