International BusinessPharma offers huge investment opportunities: Azad
With drugs worth $80 billion going off patent within three years in the US, there is a huge potential for investing in India"s bustling pharma sector given its capacity to produce affordable medicines, Health Minister Ghulam Nabi Azad said today.
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"With India"s capacity to manufacture drugs at competitive prices, there is a big opportunity for investment in the drug manufacturing sector. The government has already cleared the desk by streamlining and strengthening of the regulatory framework," he said addressing the opening ceremony of the Zonal FDA Bhavan here.
"Regulatory norms and procedures are being harmonised with the international requirements," he said.
Azad also invited the Indian corporates to invest in medical education.
Although, National Rural Health Mission (NRHM) has added over 15,000 doctors and more than 70,000 nurses in the last two years, the country is still faced with a shortage of trained manpower at all levels, he observed.
To tackle this issue, the ministry has now decided to recognise medical degrees obtained by doctors of Indian origin from countries like the UK, US, Canada, Australia and New Zealand, he said.
Besides, the ministry would also facilitate opening of new medical colleges and effect increase in the capacity of existing colleges, Azad said.