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Budget 2023: Foreign pharma firms push for fast-tracking of new drug approvals, ease of doing business

Multinational drugmakers are seeking relaxation of norms that govern the launch of new medicines and clinical trials of drugs in India.

January 17, 2023 / 12:55 PM IST
Vivek Sehgal said the industry expects the Budget 2023 to usher in a policy direction that facilitates more investment.

Vivek Sehgal said the industry expects the Budget 2023 to usher in a policy direction that facilitates more investment.

Multinational pharmaceutical companies in India have reached out to the government for fast-tracking regulatory clearances of new drugs and clinical trials saying this is crucial to facilitate more investment into the sector.

In an exclusive interaction with Moneycontrol, Vivek Sehgal, director general of the Organisation of Pharmaceutical Producers of India, a body of MNC pharma companies, said that the association is also in talks with the government on the establishment of a “meaningful and effective” intellectual property (IP) regime.

The senior OPPI executive said the industry expects the Budget 2023 to usher in a policy direction that facilitates more investment.

“There are a lot of fence sitters who want to see a more enabled ecosystem to bring in investments,” Sehgal stressed.