Azad: Review FDI Norms to Protect Indian Pharma cos.

Expressing concern over the takeover of Indian pharma firm by multinational firms, Health Minister Ghulam Nabi Azad has sought revisiting the FDI norms in the pharmaceutical sector.

In a recent letter to Commerce Minister Anand Sharma, Azad said, “If we have to ensure healthy growth of pharmaceutical industry and availability and access of our people to quality and affordable medicines, the issue of takeover of Indian pharma companies by MNCs needs to be tackled effectively in terms of FDI Policy for the pharmaceutical sector.”

Azad says the takeover of the Indian firms by the MNCs was having an effect on the availability and affordability of medicines, particularly life-saving drugs, in India. “FDI in this sector needs to be revisited immediately and such investments should be shifted from the automatic route to the Foreign Investment Promotion Board route,” the letter said.

Source : indianexpress.com