New Delhi: Much against the wishes of the pharmaceutical industry, the pre-Budget Economic Survey on 27 February said that the National Pharma Policy, which aims at providing life- saving drugs at reasonable prices, will be implemented soon.
“The National Pharmaceutical Policy, aimed at ensuring availability of life-saving drugs at reasonable prices, is being finalised and will be implemented shortly,” said the survey tabled in Parliament.
All diverse drug authorities like the National Pharmaceutical Pricing Authority (NPPA), the Drug Price Control Order (DPCO) and the Drug and Chemicals Act are expected to come under one umbrella, sources added.
Lauding the pharmaceutical sector for its impressive growth of more than ten-fold since 1990, it said the industry is poised to nearly double its turnover from Rs 55,000 crore in 2005-06 to Rs 1,00,000 crore by 2010.
With the value of exports at over Rs 21,000 crore in 2005 -06, India is today recognised as one of the leading global players in pharmaceuticals, the Survey said.
Internationally recognised as one of the lowest-cost producer of drugs, the sector holds the fourth position in terms of volume and 13th in value of production, it said.
It said the pharmaceutical sector has the maximum number of overseas regulatory approvals in the world and has grown both in terms of quantity and quality.
“Indian companies are now seeking more Abbreviated New Drug Approvals (ANDA) in USA in specialised segments like anti -infectives, cardiovascular and central nervous system groups,” it said.