The Indian health ministry on Monday signed an agreement with the US Food and Drug Administration for cooperation in the field of medical products.
The statement of intent on cooperation in the field of medical products was signed by Union Health Minister Ghulam Nabi Azad and Margaret Hamburg, M.D., Commissioner of Food and Drugs, US.
After signing the agreement, Azad said the Indian pharmaceuticals industry was growing at a fast pace in terms of volume.
India exports medicines to about 210 countries and vaccines to about 150 countries in the world. These medicines while being affordable are as effective as drugs manufactured in the developing countries, Azad mentioned.
The health minister said developing countries such as India, which have a growing pharma industry should be allowed to grow.
He highlighted that India has taken several measures to strengthen regulatory mechanisms in terms of capacity building, strengthening of laboratories and bringing enhanced transparency through its laws and legislations.
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Hamburg congratulated India for its success in polio eradication. She commended India's leadership and powerful presence in the pharma industry.
She said India is the second largest exporter of drugs to the US, and has a significant contribution in medical equipments and devices sector.
But there is huge expectation and dependence of public here on the regulator to ensure the quality of what the people consume through drugs and food, she added.