The move assumes significance as China is among the world’s most attractive markets for pharmaceuticals and medical products
The commerce ministry has commissioned a study on ways to boost the export of pharmaceutical products to China. The study aims to have a proper understanding of Chinese market and to help the domestic pharma industry to evolve appropriate and focussed strategy for the entry of the Indian generic drugs, the ministry said. The move assumes significance as China is among the world’s most attractive markets for pharmaceuticals and medical products.
“The Department of Commerce in coordination with Embassy of India at Beijing commissioned a study on enhancing Indian exports of pharmaceutical products to China,” it said in a statement. The study examines the healthcare market, pharmaceutical market, distribution system, procurement and bidding process and the regulatory landscape in China, it added. It also suggests ways to access the Chinese market. China’s healthcare sector continues to grow rapidly with spending projected to grow from $357 billion in 2011 to $1 trillion in 2020, it added. India wants greater market access in China for its pharma products with a view to bridge the widening trade deficit with the country, which has touched $63.12 billion in 2017-18.