Pharma sector set for a boost: Azad

With the country’s capacity to manufacture medicines at competitive prices and drugs worth $80 million going off-patents soon, there is a big opportunity for investment in the drug manufacturing sector, Health Minister Ghulam Nabi Azad said today.

“With India’s capacity to manufacture drugs at competitive prices, there is a big opportunity for investment in the drug manufacturing sector. Government has already cleared the desk by streamlining and strengthening of the regulatory framework with international credence,” he said, addressing delegates at the Pravasi Bhartiya Divas here.

Azad said the drug regulatory framework in the country is in the process of modernisation and strengthening.

“Regulatory norms and procedures are being harmonised with the international requirements like that of international conference on harmonisation taskforce,” he said.

“Drugs worth $80 million are on the verge of going off-patent and with India’s capacity to manufacture drugs at competitive prices, there is a big opportunity for investment in the drug manufacturing sector,” he added. Azad also invited the Indian diaspora to invest in the areas of drugs and the medical education.

“Although the National Rural Health Mission has added over 15,000 MBBS and AYUSH doctors and more than 70,000 nurses in the last two years, we are still faced with a shortage of trained and qualified manpower at all levels,” Azad said.

The ministry of health has taken many steps to facilitate opening of new medical colleges in the unserved and undeserved areas of the country, he said, asking the overseas population to invest in such kind of ventures too.

“A deciion has also been taken to grant recognition to medical degrees from five English speaking countries, including the United Kingdom and the United States,” he said.

The minister said besides recognition of foreign degrees, many more changes have been effected to facilitate opening of new medical colleges and increase the capacity of existing colleges.

“With these amended provisions, the feasibility of opening of new medical colleges has increased to a great extent and there is a need to open new medical colleges,” he said, asking the NRIs to invest in setting up the medical colleges or take up teaching or practice in India.