It marks a new beginning for the domestic pharma sector as Afghanistan becomes the first country to approve such recognition.
India’s pharmaceutical industry has got a reason to cheer after Afghanistan recognised the Indian Pharmacopoeia (IP) – Indian standards of drugs – formally by its health department. It marks a new beginning for the domestic pharma sector as Afghanistan becomes the first country to approve such recognition by the National Department of Regulation of Medicines and Health Products of the Ministry of Public Health of Islamic Republic of Afghanistan. Indian Pharmacopoeia is provided by the Indian Pharmacopoeia Commission, which provides the legal and scientific standards to ensure the quality of medicinal products. The new achievement for the country’s pharma sector may bring international recognition to the standards that faced turbulence in the US in the past.
To maintain the quality, efficacy and safety of the medicines, IP is designated as the official book of standards for drugs imported or manufactured for sale, stock or exhibition for sale or distribution in India. It is also said that the IP will be used based on the requirement as reputable pharmacopoeia in the laboratory of medicines and health products quality, according to the Ministry of Commerce and Industry.
The pharma industry is among the very few industries in India that are still growing by nearly 10 per cent even amid a severe economic slowdown. Rating agency ICRA has said the Indian pharmaceutical industry is expected to grow around 10-12 per cent between FY 19 and FY 22 while maintaining a stable outlook on the sector. The agency also cited pricing pressure in the US, stable growth for the Indian market driven by increasing healthcare spending and better accessibility as likely key growth drivers for the Indian pharma companies.
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Meanwhile, currently, India ranks among the top 20 medical devices market in the world and is the fourth largest medical devices market in Asia after Japan, China, and South Korea. However, even after being one of the largest exporters of pharmaceuticals in the world, India ranks 145 among 195 countries in terms of quality and accessibility of healthcare, which leaves the country with a lot of scope for improvement.Source: The Financial Express