In order to improve and encourage bilateral trade between India and Russia, the two countries have signed the Russia-India Biotech Network (RIBN) agreement to enhance collaboration in the biotechnology sector. The RIBN is jointly developed by the Federation of Asian Biotech Associations (FABA) and Russian Biotech Association. This development holds immense significance for Indian small and medium enterprises (SMEs) in the biotech sectors, which are likely to be encouraged by these developments to partner with Russian biotech companies for further business expansion. RIBN will be a dedicated online platform to effectively facilitate collaboration between the Russian and Indian biotech communities.
This exclusive online platform is the first-of-its-kind, and might prove to be a useful tool to accelerate the cross-border collaboration between India and Russia. RIBN will act as a dynamic platform to bring together the biotechnology and pharmaceutical companies, scientists, university students of Russian and Indian biotech communities, in both science and business. Later, other countries could join this platform, making it the first global professional networking system. The interested companies would be able to browse through the profile of their counterparts, and interact with them to understand their activities in detail and vice versa. Thus, RIBN is intended to facilitate business partnering throughout the year, in addition to offering business support services like databases, online seminars, placements, exchange programs, facility visits, and trade delegations.
The concept was mooted during BioAsia-2010 conference held in Hyderabad this year. The first phase of the platform would be functional by October and become fully operational during BioAsia 2011.
Objectives of RIBN:
1. The RIBN is likely to facilitate business partnering between India and Russia through database support, online seminars, placements, exchange programmes and facility visits, among other services.
2. This collaboration is intended to provide the right environment, infrastructure and encouragement to leading biotech companies to establish their units in the Genome Valley, Biotech Park.
3. RIBN should allow Indian SMEs in the biotech sector to explore business opportunities in Russia because trade barriers in this sector are likely to decrease through the agreement.
4. To support mutual efforts and collaborations in joint research and product development, with special focus on agricultural biotechnology, pharmaceuticals and vaccines.