Union minister for chemicals and fertilisers S S Dhindsa has called a meeting of pharmaceutical industry participants on November 5 in New Delhi seeking representations from various bodies in order to accelerate the new drug policy.
The Indian Drug Manufacturers' Association (IDMA) had made a representation to the ministry about a month back, indicating the various problems that the pharma industry is facing. This coupled with the deferred drug policy, is hampering the pharma industry.
This meeting is to have representatives from IDMA, the bulk drug manufacturers association, the Indian pharmacy associations and delegates from public sector oil companies. Sources in the industry say that this meeting has been convened in order to expedite the announcement of the drug policy.
IDMA has also made suggestions for reviving the pharma industry in its agenda submitted to the ministry and has asked for its inclusion in the upcoming drug policy. The suggestions include relaxation of price control norms, various incentives such as upgradation of quality standards and expanded rural distribution, formation of Pharmexcil in order to promote exports, adequate enforcement of drug related laws, reduction of taxes and a regimented patent law.
"This meeting has been convened in order to find out what is delaying the process of announcing the new drug policy and should help in increasing the speed of implementation," said a senior official in a pharmaceutical company.
The ministry is believed to have given the 'in principle' approval for the formation of Pharmexcil in order to promote exports in the pharmaceutical industry. Currently, pharma exports totals Rs 8,700 crore and can see an incremental growth of up to Rs 25,000 crore.
