1997 "A Year Of Hope" For Indian Industry

India's 90 billion rupee ($2.5 billion) pharmaceutical industry sees1996 as a year of unfulfilled promises by the government, but looks to 1997 with hope and the expectation of faster growth, says D Bhadury, president of the Organization of Pharmaceutical Producers of India.

"Cumbersome procedures" still continue to plague the industry, he said; for example, 19 bulk drugs have been put under price control although they do not meet the government's own selective norms for price controls. It is expected, he said, that the present three-tier price control system will be re-examined and a simpler, more cost-effective model will be introduced.

In order to plan for the future and take up fresh proposals, the industry needs a reasonably stable regulatory environment, he said. As long as the "sword of Damocles" of the Drug Price Equalization Account hangs over the industry, he said, it will be restricted from growing to its full potential. Nevertheless, the industry "is poised for growth at a rapid pace."