| Date: |
10-10-2011 |
| Subject: |
Commerce Min to Approach Planning Panel for Funds to Promote Indian Pharma Brand Abroad |
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Commerce Ministry will seek special scheme with dedicated funding from the Planning Commission under the 12th Five Year Plan to launch an aggressive approach to highlight the Brand India image in respect of pharmaceutical industry abroad.
Sources said the Ministry was working on the proposal to launch a special Brand India scheme to campaign for promotion of Indian drugs abroad during the next three to five years. It would be submitted to the Planning Commission for approval soon.
“A comprehensive proposal for launching a Brand India Pharma globally has been prepared. Initially, it was proposed to be funded through a partnership between Market Access Initiative (MAI), Indian industry and India Brand Equity Foundation (IBEF),” according to sources.
“However, it is felt that while involvement of industry is critical and IBEF could be used to develop the initiative, the scale of operations for a proper brand creation for next five years would require substantial funding. Thus the source of funding needs to be under a special scheme during the XII Plan rather than be dependent on the limited resources under MAI,” sources said.
In the wake of Indian brand facing setbacks, following busting of rackets based in China selling fake drugs with labels of 'made in India', the Pharmexcil had launched some efforts to correct the perceptions through delegations, bilateral meetings and conferences targeting the African countries. However, the ministry now wants to make it full-scale attempt to establish further the brand image of Indian pharma industry in the foreign countries, especially the targeted markets.
The Commerce Ministry has also launched efforts to create an Indian Pharma Innovation Fund to boost research activities. The fund would be created to operate a 'For Profit Model' with the goal of generating at least 10-15 IPRs per year. The issue has already been flagged and discussions have been held with concerned authorities, sources said.
Source : pharmabiz.com
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