With the country’s capacity to manufacture medicines at competitive prices and drugs worth USD 80 million going off-patents soon, there is a big opportunity for investment in the drug manufacturing sector, Health Minister Ghulam Nabi Azad said on Saturday.
“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 that 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 USD 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 Diasporas to invest in the areas of drugs and the medical education.
“Although NRHM 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.
