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Remove non-tariff barriers in pharma sector: Sharma
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SME Times News Bureau | 04 Jul, 2012
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.
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