INDIA: Drugs worth US $ 80 billion are on the verge of going off-patent
There is a big opportunity for investment in the drug manufacturing sector.

9 Jan 2010 15:16 IST

The Union Minister of Health and Family Welfare, Shri Ghulam Nabi Azad has has invited the people of Indian origin to become a partner in the health sector in India. Speaking at the Pravasi Bhartiya Divas here today, Shri Azad highlighted the potential of investment in drug manufacturing and medical education for the Indian diaspora.

Shri Azad asserted that there is every possibility of India becoming pharmacy of the world, in the times ahead.

He drew attention to the fact that drugs worth US $ 80 billion 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.

Government of India has already cleared the desk by streamlining and strengthening of the regulatory frame-work with international credence. “I take this opportunity to invite the NRI entrepreneurs to come forward and invest in the drug manufacturing sector which has bright prospects.”

Shri Azad detailed the steps taken by his ministry in promoting medical education in order to deal with the shortage medical human resources. He informed the PIOs that besides recognition of foreign degrees many changes have been effected to facilitate opening of new medical colleges and increase in the capacity of existing colleges.

Reduction in land requirement from 25 acres to 20 acres for setting up a medical college across the country, in north-eastern states this land can be in 2 parcels of 10 acres each.

In cities of Mumbai, Kolkatta, Delhi, Chennai, Ahmedabad, Hyderbad, Pune, Bangalore and Kanpur, medical college can be located in multi-storied buildings with floor area as per MCI and in such cases the land requirement has been further reduced to 10acres. Faculty and staff requirements have also been rationalised. The teaching experience required for the post of Professor and Associate Professor has been reduced by one year each in the respective feeder cadres, to speed up the promotion of the teachers to overcome the difficulties being faced by medical colleges. The requirement of bed strength and bed occupancy required at the stage of inception has been rationalized for the North Eastern States and Hilly States. Shri Azad also informed that apart from the religious and charitable trusts, now companies registered under the Companies Act have also been made eligible to open medical colleges. With these changed regulations, the feasibility of opening of a new medical colleges has increased to a great extent and there is need to open new medical colleges, particularly in underserved and unserved States. “ With these amended provisions, I appeal to the NRIs to come forward and invest in setting up the medical colleges or take up teaching or practice or contribute in any other way you wish towards furthering the cause of the nation”, said Shri Azad.


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