PXL/HO/Cir-072/2021-22 Date: 07.09.2021
Hyderabad
Subject: Opportunities in the Biotechnology Sector – Cuba
You are kindly aware that the Ministry of Commerce & Industry, Government of India in close coordination with our missions around the globe are engaged in exploring opportunities for growth of the Indian Pharmaceutical sector. Pharmexcil is in receipt of communication from Embassy of India in Havana, Cuba regarding establishment of a new joint venture for the development and commercialization of innovative biotechnology products in the Mariel Special Development Zone, Cuba.
The joint venture named IncuBIO SA is established between Center of Molecular Immunology (Cimab SA) - Cuba and Neuronic Mexicana SA – Mexico designed to attract venture capital for financing of clinical trials in underdeveloped country markets. First of such products scheduled to undergo trial would be NeuroEPO - a promising drug manufactured by Center of Molecular Immunology (Cimab SA) - Cuba used for treatment for various neurodegenerative diseases such as Alzheimer's, Parkinson & Ataxia.
Mariel Special Development Zone is the first of its type in Cuba and enjoys a privileged geographic location i.e in the center of the Caribbean Sea and at the crossroads of the main maritime commercial traffic routes in the Western Hemisphere. The Office of Mariel Special Development Zone provides information to investors and facilitates companies set up, registration and licensing. The regulatory framework establishes approval within 60 days from the submission of the file.
Cuba has a well-developed scheme in the Biotechnology sector and it is believed that a joint venture/commercial agreement with such a quality institution could be an opportunity to explore untapped markets in the sector. Member companies looking forward to invest/partner in the initiative may write back with their queries directly to sspol.havana@mea.gov.in with a copy to regulatory@pharmexcil.com & rodelhi@pharmexcil.com
With regards
Uday Bhaskar
Director General
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