Formation of Pharmaceuticals Export Promotion Council (Pharmexcil) is under way with pharmaceutical industry associations are all set to commence the process of registration of the Council, it is learnt.

The steering committee constituted for the Council formation, represented by Indian Drug Manufacturers Association (IDMA), Bulk Drug Manufacturers' Association (BDMA), Organisation of Pharmaceutical Producers of India (OPPI) and Indian Pharmaceutical Alliance (IPA), will meet on November 17 to discuss the modalities, according to Yogin Majmudar, president, IDMA.

The IDMA president said that since the time extension till April '04 for establishing the Council has already been okayed by the government, the entity has to be made official to enable the collection of membership fee by that time. "So, we should start the registration formalities now," he said. However, the steering committee will discuss the matter in detail and more clarity would emerge on this after the meeting, he added.

Asked about the fund raising to meet the specified corpus requirement, Majumdar said that as the government has not lowered the amount as the industry requested, it has no option but to generate Rs 3 crore for the purpose. "But raising the fund is no more a constraint for the formation of the Council," he asserts.

As it was agreed upon by the industry associations earlier, the registered office of the Council will be at Hyderabad. Hence, the registration of the Council under Section 25 of the RoC would be done there, Majmudar said.