Source: Financial Express, Aug 28, 2019
China’s revised drug law, which removes drugs that are legal in foreign countries but not approved in China from the category of fake medicines, may allow entry of Indian generic medicines in the country, media reports said on Tuesday. China’s top legislature, the Standing Committee of National People’s Congress, passed the revised law on Monday to enhance management and supervision of the pharmaceutical market following numerous fake drugs and vaccine cases that had triggered a call for stronger measures to ensure drug safety.
India has been demanding that China open its pharmaceutical market to Indian drugs as part of the efforts to lower the USD 57 billion trade deficit in about USD 95.5 billion total trade last year. No major Indian pharma company managed to establish itself in China in view of the rigid regulations and the costs involved. Legal foreign drugs, including generic drugs from India, will not be treated as fake medicine in China based on a revised drug administration law that will take effect on December 1, state-run Global Times reported. Read the rest of this entry »