India looking at policy, regulation shift in pharma sector
December 30, 2014: It will not be wrong to say that the Indian pharmaceutical sector has achieved a lot of success in the global markets and is one of the most successful modern export sectors for India after IT.
Recognising the importance of the sector, the Government of India is looking at a shift in policy and regulation in the pharmaceutical sector. According to Mr Ananth Kumar, Minister for Chemicals & Fertilisers, Government of India, there should be a policy shift, regulation shift and governance shift, there has to be a paradigm shift in the pharma sector in order to make quality medicines available to public at affordable rates.
The government is looking at availability, quality and affordability of medicines. The government also understands that the industry is looking for stability and predictability of the policies and pricing. As pharmaceuticals is a fragmented sector administered and regulated by various departments including pharmaceuticals, health, industry and commerce, a plan to bring all pharma related departments under one roof is being considered.
The Minister also said that the government is aware about the bulk drugs import issue for which the country is dependent on China. He also added that pharma is a very important and crucial sector and can be considered as a part of the national security. As the sector is important for both defence and internal security, the government plans to address the bulk drugs import issue.
Going forward, there needs to be an enhanced emphasis on the indigenous manufacturing of bulk drugs.