Government likely to set up think tank to boost pharma exports
In order to resolve bottlenecks faced by pharmaceutical companies in the global market, the government is considering setting up a think tank with representatives from the industry, government departments and research bodies. Commerce Minister Nirmala Sitharaman on Tuesday met senior officials from the Ministry of Health, Drugs Controller General of India, Department of Pharmaceuticals, Department of Biotechnology, Department of Commerce and Pharmexcil to take stock of various issues affecting exports of Indian Pharma industry. The move comes on the heels of several cases of regulatory scrutiny faced by Indian drugs in the international market. Earlier this month, India had suspended talks on free trade agreement with the European Union after the 28-nation bloc imposed a blanket ban on around 700 generic drugs made in Indian laboratories. Lanka Srinivas, Senior Advisor, Pharmaceuticals Export Promotion Council (Pharmexcil), told the minister about various issues related to Indian pharma exports, including domestic and international barriers. Experts are of the view that there must be a common platform where the industry and scientist community can share breakthrough discovery and explore ways to tap the potential of this sector. “A sector like pharma which is deeply rooted in science and is truly global in nature, a ‘think tank’ consisting of senior pharma professionals, CEOs, government officials, scientists, researchers and pharmacists can provide an ideal forum to identify bottlenecks and resolve various issues for overcoming challenges and promoting hassle-free exports,” the Commerce Ministry said in a statement. During the meeting, the minister asked officials to speed up the work on various proposals and realize full potential of the sector. She also assured “every possible help” to boost the industry. In the last financial year, the export of pharmaceutical products from India was estimated to be more than $15 billion. Shipments to European markets constituted 20% of the country's total overseas supply.
August 19, 2015 | 3:08pm IST.
to success.