New Delhi, July 3 (IANS) The government will raise at various international fora the issue of non-tariff barriers imposed by the US and European countries on the import of Indian pharmaceutical products, Commerce and Industry Minister Anand Sharma said Tuesday.
“The government is fully committed to support this vibrant sector,” Sharma said at the first meeting of Consultative Group on pharmaceutical exports here.
The minister assured the industry captains that the government will take up the non-tariff barriers being mounted by US and European Union against Indian pharma industry in bilateral forums at appropriate levels, according to an official statement released after the meeting.
Sharma also apprised that substantial opportunities exist for Indian pharma industry in emerging economies like Russia, South America and African countries.
The minister assured the pharma industry representatives that a committee of secretaries of the concerned department will be set up to consider the suggestions to take Indian pharma industry on a growth trajectory in a time-bound manner.
The progress will be reviewed after three months.
Industry leaders made a strong plea for timely approvals and procedural simplification by Drug Controller General of India (DCGI) for clinical trials, import of samples, etc.
They also requested liberal funding through venture capital vehicle for giving an impetus to research and development and innovation to this knowledge based industry.
“Industry was of the view that given the right impetus and policy initiatives, and procedural simplification, Indian pharma industry is capable of doubling the exports rather achieving a target of $50 billion in the next five years,” the statement said.
India is the third largest producer of pharma products by volume. The size of Indian pharmaceutical industry is pegged at $20 billion and is expected to touch $75 billion by the end of this decade.
India produces a fifth of the generic medicines of the world and is among the leading exporters of pharmaceutical products. India exported $13 billion worth of pharmaceutical products last year.
