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Pharmaceutical industry urged by DoP to bring innovative drugs without compromising on the quality

Updated: Sep 18, 2018 09:31:58am
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Pharmaceutical industry urged by DoP to bring innovative drugs without compromising on the quality

New Delhi, Sep 18 (KNN) Pharmaceutical industry has been urged by the Department of Pharmaceutical (DoP) to bring innovative drugs without compromising on the quality. DoP also encouraged small and mid-sized pharmaceutical companies to avail Pharmaceutical Technology Up-gradation Assistance Scheme (PTUAS).

Joint Secretary, Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India, Navdeep Rinwa, informed that financial institutions will be soon finalized for implementing the PTUAS.

Department of Pharmaceutical is taking an Indian delegation to Brussels in collaboration with industry associations like Indian Drug Manufacturers’ Association (IDMA) Bulk Drug Manufacturers Association India (BDMA) and Pharmaceuticals Export Promotion Council of India (Pharmexcil), Rinwa said and asked the industry to take the lead in participating in the delegation.

Rinwa also emphasized the need to strengthen both the centre and state Central Drugs Standard Control Organization (CDSCO) offices.

Ravi Uday Bhaskar, Director General, Pharmexcil, talked about the sector’s growth as against the previous years, despite the negative growth in the US market. He highlighted about the business opportunities in markets like CIS and Africa.

Dinesh Dua, Incoming Chairman, Pharmexcil and Chief Executive Officer, Nectar Lifesciences, in his speech, requested the government to provide financial assistance to Indian pharma companies, who are facing competition from their Chinese counterparts. He mentioned that the industry has the capability to manufacture indigenous active pharmaceutical ingredients (APIs) and stressed on to create a sustainable model.

Dua mentioned that 60 per cent of India’s GDP contribution comes from MSMEs sectors. However, the saddest part is that most MSMEs are not aware about the government’s financial assisting schemes and offers.

Pharmaceutical companies were recognized for their commendable work.

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