Regulatory Framework should facilitate ease of business across the globe
Bangalore, February 12th 2017: On the second day of the dual conference-India Pharma 2017 & India Medical Devices 2017, key industry representatives discussed the regulatory and investment framework in India viz-a-viz globally. To highlight the need for improvement and harmonised regulatory practices, prominent speakers from the key pharma bodies across countries including USA, Myanmar, Malaysia, Vietnam, Indonesia, Europe, Japan and India exchanged the best practices to achieve global excellence and boost trade between nations. Present at the panel were Shri K L Sharma, Joint Secretary, Ministry of Health & Family Welfare and Dr. S Eswara Reddy, Joint Drugs Controller, Central Drugs Standard Control Organisation.
Focusing on bringing in clarity towards the regulatory scenarios among the participating countries, Shri K L Sharma said, “Indian Pharma is focussing on self-assessment of its pharmaceuticals and medical device structure and a few regulatory changes can be expected as early as March 2017. Accreditation of both students and training staff is of prime focus for us this time. Another prime area of focus is to initiate and substantiate extended dialogues between regulators to enable knowledge sharing and skilling”.
The Investors meet at the dual conference highlighted key insights to enhance the attractiveness of Indian Pharma industry for the investors and policy makers. Herein, panellist comprised of leaders such as - Venu Ambati, Managing Director, Abbott India, Rajiv Aggarwal – Joint Secretary of Dept of Industrial Policy & Promotion, Dr. JK Sharma CEO-Andhra Pradesh MedTech Zone (AMTZ), Sudhir Sethi, Founder Chairman & Managing Director-IDG Ventures India, Shruti Shukla - Chief Marketing Officer-GE Healthcare and Shri. Jai Priye Prakash - Secretary, Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers.
Addressing the key challenges in the industry like single window clearance, infrastructure development, stable and predictable policy environment, need for progressive labor policies and practices and how GST can be a game changer, Keeping these issues in mind, Mr. Jai Priye Prakash said, “Government is striving to make the processes in the sector as relevant and easy as possible. Eg-Single window clearance in pharma sector is a huge step because we are dealing with medicines and the nature of the sector demands several checks and scrutiny at various levels. At present our focus is to stabilize the policies in terms of pricing, enabling conducive environment in India”.
The Second chapter of India Pharma 2017 &India Medical Device 2017 organised by DoP-Ministry of Chemicals andFertilizers, GOI and FICCI themed at ‘Responsible Healthcare’ started yesterdaywith an aim to increase the overall growth of pharma sector by fuelling exportsand focusing on increasing the domestic production in the sector. The conferencecum exhibition saw a participation from over 275 pharma and medical devicemajors, buyers from over 24 countries, international regulators from 8countries, embassy officials and more than 10,000 business visitors.
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