India today signed a pact with Singapore for greater market access for its generic (off-patent) drugs in the South-East Asian nation.
Commerce and Industry Minister Anand Sharma and his Singaporean counterpart, Lim Hng Kiang, signed a 'Special Scheme for Registration of Generic Medicinal Products from India' that seeks to fast-track the registration process for domestic off-patent medicines in that country.
"...This particular Memorandum of Understanding will facilitate early registration and approval of Indian generic medicines in Singapore," Sharma told reporters at a joint press conference with Lim.
The pact would help create new opportunities for the $25-billion (Rs one lakh crore) Indian generic medicine market in Singapore.
With the arrival of Indian generic drugs in the global market, the cost of life-saving medicines has come down significantly and helped people in African and Latin American nations, Sharma said.
Generic medicines have to pass through regulatory systems and obtain other clearances before they gain market access in a country.
Lim said if an Indian generic drug has been cleared in US, Canada, EU, UK or Australia, Singapore would allow it into its market. "Accordingly, the registration process will become faster," he said.
Drugs worth nearly $70 billion are likely to go off-patent, offering India a chance to manufacture a considerable share of its products to exploit the ensuing generics opportunity. India produces one-fourth of the world's generic medicines.
