With key focus on expanding trade relation with Vietnam and promoting the Indian generics, the Pharmaceutical Export Promotion Council of India (Pharmexcil) will be impressing upon the Vietnamese regulatory authority to recognise the Indian Pharmacopoeia (IP) standards for exports.
This move comes with an aim to get the IP recognised as one of the excepted reference standards in Vietnam. At present Vietnamese drug regulatory authority accepts and recognise USP and BP only, which restricts exports to Vietnam by exporters dealing with IP.
Dr P V Appaji, director general of Pharmexcil, informed that official recognition of IP would open up greater avenues for the Indian exporters brining in more business and boosting the exports.
“With the recognition of IP, which is considered as one among the best reference standards in the world, Indian manufacturers will be able to export to Vietnam on an immediate basis in an affordable but yet competitive pricing. As of now we have got positive feelers from the Vietnamese authority on this matter. We are looking forward to explore all the possibilities that will aid us in strengthening and opening up further avenues for the Indian manufacturers,” informed Dr Appaji.
He further stressed that at the moment though they do not officially recognise the IP, they are very much aware of the same. They also know the important role it plays in ensuring availability of high quality based safe and efficacious drugs to patients across India and other countries.
Council plans to represent this plan during the highly anticipated trade meeting with the Vietnamese government next month. This will be one of the top-most agenda of the experts for the discussions, wherein they also plan to raise some key concerns and issues faced by the exporters as well.
Interestingly, the visit to Vietnam is a part of Pharmexcil's trade delegation to the ASEAN market, which basically consists of Philippines, Cambodia and Vietnam. The Indian government has undertaken this initiative as a part of its focussed area schemes, wherein members participating in the trade delegation will get marketing development assistance (MDA) of up to Rs. 70,000 to compensate their travelling and other expenses.