PXL/HO/Cir-017/2023-24 Date: 17.05.2023
Greetings from Pharmexcil!
Sub: Feedback on the experience of doing business with Moldova
Members are kindly aware that the European Region is currently the second-largest market for Indian pharma products and accounts for almost 20% of our total exports with exports over USD 5 billion in FY23 and a growth rate of over 13%. Moldova, an Eastern European country and former Soviet Republic, has been relying on imports for their pharmaceutical needs and imported pharmaceutical items of USD 329 million in 2021 and USD 277.12 million in 2022, respectively.
While the Moldovan market is dominated by European businesses, the Moldovan pharmaceutical sector presents an excellent opportunity to Indian exporters since the pharmaceutical sector in Moldova is not very developed, and it relies heavily on foreign drugs and Pharma supplies. Furthermore, in terms of regulatory clearance, even if one drug is registered in EU, UK, Japan and USA, the Moldovan authorities will accept the registration certificate.
India's trade with Moldova is primarily composed of pharmaceutical products. However, the Indian mission has expressed their concerns about the recent trends in exports from India. In this regard, the Embassy of India, Bucharest would like to identify the problems and shortcomings that Indian exporters encounter in Moldova and is asking for your kindl support in doing so.
Member companies dealing with Moldova markets are kindly requested to share the feedback on their experience of doing business, any obstacles they have faced and any suggestions that we can adopt for improving our export performance in Moldova to the Indian Embassy (at firstname.lastname@example.org and email@example.com) with a copy to Pharmexcil (at firstname.lastname@example.org) It is important to understand the issues and review the suggestions, which will subsequently be taken up by the Indian Mission, in order to counter market barriers and increase our exports to Moldova.