Pharma needs the right prescription

Kavita Khanna, the International Director, Bharat Serum and Vaccines writes about the pharma industry and  NDA Government’s hallmark ‘Make in India’ programme in Business Line.

 

The existing three-tier review system for obtaining product approval should be simplified as in US and Europe.

 

The NDA Government’s hallmark ‘Make in India’ programme can potentially be a game-changer in fulfilling Prime Minister Narendra Modi’s dream of transforming the currently anaemic $2 trillion economy into a $20 trillion power house.

 

Achieving this vision would necessitate a sustained, year-on-year growth of 9 per cent going forward. The pharmaceuticals and biotechnology sectors can play a significant role in this growth story if the government institutes a single-window clearance system for regulatory licenses.

 

The growth targets set for India’s healthcare sector are nothing new. The drivers of this growth – low-cost labour, technical skills and scientific excellence, all backed by a robust product patent regime – have existed for decades. Yet, the sector has not been able to actualise its innate potential. One of the major reasons is the contradictions built into the regulatory system.

 

The need of the hour is a top-to-bottom restructuring of the convoluted framework that regulates the introduction and manufacture of novel and generic drugs in India. This step is critical to get newer, cheaper and more effective medicines to the market much faster than what is possible now. It is instructive to take a look at how the system currently works.

 

Source: http://www.thehindubusinessline.com/opinion/pharma-needs-the-right-prescription/article6909464.ece