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2010-05-14

Indo-Singapore pact beneficial for Indian SME drug makers

The Indian Generic Drug Manufacturers and exporters including SMEs due to a pact signed by India and Singapore during the second review meeting of the India- Singapore comprehensive Economic Co-operat

The Indian Generic Drug Manufacturers and exporters including SMEs due to a pact signed by India and Singapore during the second review meeting of the India- Singapore comprehensive Economic Co-operation Agreement (CECA), will be able to establish their footprints in Singapore.

The fast track registration of the Indian Generic Drug by Singapore has come as a significant development because this would facilitate greater market access to Indian pharmaceutical firms in Singapore .The Indian Generic Drugs has received approval in the US, Canada, the European Union, Britain or Australia.

The Indian small scale drug manufacturers and drug exporters involved in the generic drug industry  worth  USD 25 billion can benefit a lot by the signing of this agreement to explore lucrative opportunities in Singapore and step up trade volumes.

The decision of Singapore to allow greater market entry to Indian generic drugs will prove beneficial to the country because it will enable them to bring down their health care costs as they can look to source low cost yet high quality drugs from Indian generic drug makers.

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