India Rejects SB's OTC Proposal
The Indian government has rejected SmithKline Beecham's plan tomanufacture and market pharmaceutical and over-the-counter products through its wholly-owned subsidiary SmithKline Beecham Asia, reports the country's Economic Times.
The firm had applied to the Indian Foreign Investment Promotion Board for permission to manufacture, market and distribute pharmaceutical and OTC products, including drugs emerging from research in human gene-mapping technology.
The FIPB rejected SB's proposal following opposition from the Department of Chemicals and Petrochemicals on the grounds that SB has not given details about the products it intends to manufacture in India. The Department is therefore apprehensive that SB will not engage in manufacturing activities, but only do trading, according to the newspaper.
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