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Task Force recommends several trade promotions for private sector to lead growth of pharma industry
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Ramesh Shankar, Mumbai
July 13 , 2015
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The high-powered Task Force on 'Enabling the private sector to lead the
growth of pharmaceutical sector', constituted by the Department of
Pharmaceuticals (DoP) in November last year, has recommended several
export-import trade promotions for the private sector to lead the growth
of pharmaceutical industry in the country.
The Task Force,
headed by secretary, DoP, has recommended joint funding of schemes for
collaboration in pharmaceutical sector. In this connection, the Task
Force asked the DoP to come up with a scheme for new drug development
for diseases prevalent in countries
importing Indian drugs.
Recommending
some financial assistance in form of soft loan or interest subsidy, the
Task Force further asked the DoP to launch a scheme for giving
financial assistance which may be provided for upgradation of selected
pharmaceutical manufacturing facilities including bio-pharmaceuticals to
the highly regulated markets of US (US FDA), Europe (European
Directorate for the Quality of Medicines, EDQM), Australia (Therapeutic
Goods Administration TGA, Australia), United Kingdom (Medicines and
Healthcare Products Regulatory Agency, MHRA) and other international
markets to enable global generics and biosimilars capabilities.
For
the domestic market, the Task Force recommended increased funding
support to early stage entrepreneurs in pharma sector. In this regard,
it asked the DoP to come up with a scheme to provide seed capital and
facilitation with other financial institutes to the MSME sector. It
further recommended financial assistance in the form of soft loan or
interest subsidy. “Financial assistance may be provided for upgradation
to WHO-GMP and higher international standard requirements which are now
increasingly required for making the SMEs sustain in an increasingly
competitive and demand driven manufacturing environment,” the Task Force
said in its recommendation which was submitted to the government
recently.
In yet another recommendation for financial and
technical assistance to improve financial sustainability of SMEs, the
Task Force recommended a cluster scheme to provide financial assistance
to SME sector in PPP mode for creation of common facilities and also
safeguard the environment from the hazards associated with the unplanned
growth of the industry.
“The growth of the Indian
pharmaceutical industry over the past few decades has predominantly
arisen from manufacturing generic drugs for exports and domestic use.
DoP may come up with a pharmaceutical specific venture fund, for
channelising public resources into drug design, discovery and
development,” the Task Force in its recommendation further said.
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