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China which is the second largest drug market after US has agreed to provide a specific training programme for the domestic pharmaceutical industries to understand their regulatory system, this will promote the India’s exports, a senior government official said. .
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“China has assured us that they would provide a platform for Indian exports of pharmaceutical products and would also impart specific training to our companies to understand the Chinese regulatory system and processes,” the official said. .
This step is considering to be very significant as generally it takes years for the Indian Pharmaceutical organizations to get regulatory clearance for their products in China. Where as India imports 60 percent of its requirement of raw material for the sector from China.
In year 2016-17 India’s import of active pharmaceutical ingredients from China stood at Rs. 12,254.97 crores.Whereas in Year 2017-18 the India’s pharmaceutical exports increased by about 3 percent to USD 7.27 billion and exports to the China stood at USD 182.67 million.
The increasing export to China will build a bridge the widening trade deficit, which has been increased to USD 63.12 billion in 2017-18. .
