Financial package to pharma SMEs to improve drug quality
The government is preparing a Rs 500 cr financial package to help Small and Medium (SME) pharmaceutical companies to upgrade their manufacturing facilities and comply with global standards.
New Delhi, July 01, 2015: "We may roll out the financial package by December this year",according to an official from Department of Pharmaceuticals (DoP). The Ministry of Commerce is mulling to become part of the multinational regulatory regime Pharmaceutical Inspection Cooperation Scheme (PICS) under which India will adopt global standards. The standards are drafted by the World Health Organisation to maintain the quality of pharmaceutical products across the globe.
There are about 8000 small and medium sized pharma companies in India.
There is a fear amongst the companies that adoption of such norms and standards would escalate their costs. " To address their concerns,DoP has initiated the process of sensitising SMEs of the basic good manufacturing practices (GMP) guidelines along with skill training sessions", added the official.