Three issues that need to be addressed by the new government in the pharma sector:
Rajeev Nannapaneni, vice-chairman and CEO, Natco Pharma, on three issues in the pharmaceutical sector that need to be addressed and the possible solutions:
1. There is need to speed up the process of approvals for launch of new products and for permissions to undertake bioequivalence studies.
2. There is need to simplify procedures linked to the Foreign Investment Promotion Board with respect to the pharmaceutical industry. This will ensure fund raising becomes easier for pharmaceutical companies and will also ensure foreign investments can easily come into the country.
3. The government should create or encourage the setting up of industrial parks and special economic zones for the pharmaceutical industry. Given that pharmaceutical is a specialised industry where many companies have similar requirements for basic infrastructure, it is important to create industrial parks or SEZs that are customised to cater to the needs of this industry.
As told to E. Kumar Sharma