China to train Indian pharma companies on regulatory system
India has time and again made strong pitch to push its pharma exports in the neighboring country.
China has agreed to conduct specific training programmes for domestic pharmaceutical companies to understand their regulatory system, which will promote India's exports from the sector, a senior government official said.
The move assumes significance as it takes years for Indian pharmaceutical companies to obtain regulatory clearances for their products in China.
"China has assured us that they would provide a platform for Indian exports of pharmaceutical products and would also impart specific training to our companies to understand the Chinese regulatory system and processes," the official said.
India has time and again made strong pitch to push its pharma exports in the neighbouring country. On the other hand, India imports about 60 percent of its requirement of raw material for the sector from China.
India's import of active pharmaceutical ingredients (API) from China stood at Rs 12,254.97 crore in 2016-17.
India's pharmaceutical exports increased by about 3 percent to USD 7.27 billion in 2017-18. While the exports to China stood at USD 182.67 million in 2017-18 only. China is the second largest market for pharmaceuticals after the US.
Increasing exports to China would help bridge the widening trade deficit, which has increased to USD 63.12 billion in 2017-18 from USD 51.08 billion in the previous fiscal.