| Date: |
10-01-2011 |
| Subject: |
Health Minister Wants Changes in FDI Rules for Pharma Sector |
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Concerned over a host of takeovers of Indian pharma companies by foreign giants, Union health and family welfare minister Ghulam Nabi Azad is pushing for changes in the foreign direct investment (FDI) rules for the pharmaceutical sector.
“The recent spate of takeovers of Indian pharmaceutical companies by multinational corporations (MNCs) is a matter of serious concern,” Azad said while addressing the 49th annual meeting of Indian Drug Manufacturers’ Association in Mumbai on Friday evening.
“This would have repercussions not only on the availability of affordable drugs in India but also across the world,” he said. Azad said he had, therefore, taken up the issue with the ministry of commerce and requested for reconsideration of the FDI policy in the pharmaceutical industry.
Daiichi Sankyo’s takeover of Ranbaxy and Abbott’s acquisition of Piramal Healthcare’s formulation unit were among the mega takeovers in the pharma sector recently.
Source : indianexpress.com
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