Question

Discuss the legal position of pharmaceutical industry in india

Answer 1

The legal position of the Indian pharmaceutical industry is on the favourable trend.  There are lots of opportunities in the developed markets and there is a high demand for generic medicine which has to be given at a low cost.  For this, the pharmaceutical industry has to patent its products and that is easy for the local manufacturer.   The government policies are also favourable towards this industry and thereby they are able to experience the high growth.  Though this industry is able to show a good performance both domestically and internationally, strategy-wise, it has to be strengthened.

The Indian Pharmaceutical Industry with regard to “technology, quality and range of medicines manufactured,” ranks  “very high in the third world”. 

The Indian pharmaceutical sector has expanded drastically with more than 20,000 registered units over the last two decades.

The state and central governments have understood the importance of Research and Development with regard to this and have given tax rebate, has “reduced interest rates for export financing and a cut in the number of drugs under price control.”  Some of the pharmaceutical Industry has partnered with “highly-developed IT Industry in a new molecule discovery.”

Answer 2

The Indian government has given its affinity to the pharmaceutical business. Amid the year the Indian Government set up the Department of Biotechnology under the Ministry of Science and Technology. From that point forward, there have been various allotments offered by both the local government and different states to empower the development of the business.

India propelled a program to give assess motivating forces and gives to biotech new businesses and helping the organizations which are looking to grow. India builds up the Biotechnology Parks Society of India to help ten biotech parks.

Beforehand restricted to rodents, animal testing was extended to incorporate expansive creatures as a feature of the activity. State Governments have begun to compete with each other for biotech business.

They offer exclusion from the VAT and different charges, money related help with licenses and sponsorships on everything going from speculation to land to utilities.