India eyes oil-for-drugs deal with Venezuela to recoup pharma cash

• Eastern Eye Staff
• 19 May, 2016

By: Eastern Eye Staff

Indian officials say they have proposed an oil-for-drugs barter plan with cash-strapped Venezuela to recoup millions of dollars in payments owed to some of India’s largest pharmaceutical companies. Several of India’s generics producers, led by the country’s second-largest player Dr Reddy’s Laboratories Ltd, bet heavily on Venezuela as they sought emerging market alternatives to slower-growing economies such as the United States. But the unravelling of Venezuela’s socialist economy amid a fall in oil prices has triggered triple-digit inflation and a full-blown political and financial crisis. Unable to pay its bills, the country is facing severe shortages of even basic supplies…

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