India launches agency to attract clinical projects from overseas

Published: 25-Jun-2004

The Indian Ministry of Commerce has announced the formation of the new exclusive and specialised export promotion council for the pharmaceuticals segment.


The Indian Ministry of Commerce has announced the formation of the new exclusive and specialised export promotion council for the pharmaceuticals segment.

The new council - Pharmaceutical Export Promotion Council (PHARMEXCIL) - is responsible for identifying and attracting potential markets abroad for Indian pharma capabilities, including drug manufacturing, basic and clinical research along with other pharma-related services.

The export promotion agency would give a major impetus to promoting the country's natural and intellectual merits to attract drug development projects, especially global clinical research contracts.

PHARMEXCIL, which will be headquartered in Hyderabad with a regional office at Mumbai, has been designated as the authority to issue Registration cum Membership Certificate (RCMC) to exporters of drugs and pharmaceuticals and the related services under India's Exim Policy. The Council is at present finalising action plans and co-ordinating with various foreign agencies, including the Indian missions abroad.

Although there are other government agencies functioning in the country to promote the exports of pharmaceutical products, it is the first time an agency with specific responsibility for exploring overseas business in the area of drug research and clinical trials has been formed in India.

  

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