Drug regulators in Mumbai to acquaint themselves with regulatory procedures in India
India wants Japan to make the former its manufacturing hub as their is cost advantage
Mumbai: Drug regulators from about 40 countries are at the ‘iPHEX’ in Mumbai to acquaint themselves with the regulatory procedures followed by the pharmaceutical industry in the country. The industry has recently faced doubts over the quality of generics at the manufacturing units of some of the Indian pharma majors.
Joint secretary in the commerce ministry Sudhanshu Pandey, told the media that the Union Government is following a “zero tolerance” policy for ensuring that India not only maintains but further strengthens its ranking in the world pharmaceuticals market.
In a bid to boost pharmaceutical exports the government has earmarked over Rs 3,000 crore in the next three years (under the 12th Plan) towards enhancing the number of regulators to 1,000 from 500 and 3,000 regulators at the state levels in India, said Dr G.N.Singh, Drugs Controller General (India) after inauguration of the ‘iPHEX’ in Mumbai on Wednesday.
“India’s reference system (for drugs testing and IP) will be at par with the top world standards in two-three years and will even match the US in three-five years,” he assured the regulators who were present at the ‘ iPHEX’ , organised by the industry body Pharmaexcil.
Globally 90 per cent of formulations approvals for anti-retroviral, anti-tubercula and anti-malarial (WHO pre-qualified) have been granted to India. Pharmaceutical exports are growing at 15 per cent compound annual growth rate and the commerce ministry has set target of $25 billion from the present $16bn in the next three years said Dr. P.V.Appaji director general Pharmaceutical Export Promotion Council of India speaking to this newspaper on the sidelines of the ‘iPHEX’.
He said they are targetting Japan and China besides Latin America. India wants Japan to make India its manufacturing hub because of the cost advantage. Japanese company Essi has already established a unit in Vizagapatnam with an investment of Rs 1,000 crore. In the case of China it is interested to invest in India but India would like China buy Indian products Mr Appaji said.