Pharmaceuticals Export Promotion Council
of India (Pharmexcil) has urged the
central government to work out a medicines for oil barter arrangement with
Venezuela. The proposal has been made as foreign exchange (forex) controls in
Venezuela have made repatriation of
funds difficult for Indian companies operating there. Dr Reddy's, Glenmark, Sun
Pharmaceutical and Claris Life Sciences are the top exporters to that market. Stiff
forex regulations have been imposed in Venezuela, following a drop in the price
of its main export item, crude oil. These are hurting companies, finding it difficult to receive
payments (for sales made in the country) from their subsidiaries in Venezuela.
More… 
Monday, November 30, 2015
Indian pharma companies face payment issues in Venezuela
Pharmaceuticals Export Promotion Council
of India (Pharmexcil) has urged the
central government to work out a medicines for oil barter arrangement with
Venezuela. The proposal has been made as foreign exchange (forex) controls in
Venezuela have made repatriation of
funds difficult for Indian companies operating there. Dr Reddy's, Glenmark, Sun
Pharmaceutical and Claris Life Sciences are the top exporters to that market. Stiff
forex regulations have been imposed in Venezuela, following a drop in the price
of its main export item, crude oil. These are hurting companies, finding it difficult to receive
payments (for sales made in the country) from their subsidiaries in Venezuela.
More… 
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