Welcoming the department of pharmaceuticals (DoP)'s strategic announcement to finally establish a separate ministry for the pharma sector soon, industry experts stressed that this much awaited news comes as a huge relief as it will finally ensure timely redressal of issues affected by different sectors. DoP recently had informed that they are in the final stages of setting up a separate ministry, to cater to the regulatory and other needs of the sectors like pharma, medical device, etc., on the lines of ministry of Ayush.
This much sought after announcement was made by the DoP during the recently concluded India Pharma and Indian Medical Expo 2016 in Bengaluru which was organised to woo investors and strategic collaborations by highlighting the strength of finished formulations, APIs, natural extracts, pharma machinery, medical devices and instruments. Industry insiders pointed out that they are eagerly waiting for this to operationalise as it will help in addressing their issues without the usual bureaucratic red tape.
Pharmaceuticals Export Promotion Council of India (Pharmexcil) who collaborated with DoP to organise an international buyer-seller meet to promote the pharmaceuticals and medical devices sectors internationally as a part of this summit pointed out that this move is believed to give a major thrust to the healthcare sector with many industry-friendly policies and incentives to make it a formidable force globally.
“It will drastically reduce the waiting time for the exporters as the commerce ministry will not have to approach multiple authorities, thus reducing the want to consult various ministries. From an exporters or industries point, this will act as a huge pro industry move to aid the growth of the sector, as time lines to implement various decisions will be substantially reduced in the absence or multiple authorities,” added Dr P V Appaji, director general of Pharmexcil.
He further pointed out that this transition will definitely boost the morale of the exporters who are in dire need for encouragement to invest in innovation; discovery of new drugs and pumping new investment opportunities for new research and development needs.
More than 30 overseas business delegates from different countries had participated in the buyer-seller meet wherein important issues on pricing, FDI policies, fees structure of imported raw materials, issues and confusion prevailing over the essential list of medicines were raised and discussed.