Govt rules out further revision of FDI policy in pharmaceutical sector

The Government has ruled out any further change to its policy on Foreign Direct Investment in the pharmaceutical sector and the stand on ‘non-compete’ clause now, despite the representations received from different quarters.

Sources in the Department of Industrial Policy and Promotion (DIPP) said it had received representations from many seeking further review on the policy, especially on the 'non-compete' clause. “But there is no proposal under consideration to revise the policy,” a senior official said.

The 'non-compete' clause would not be allowed except in special circumstances with the approval of the Foreign Investment Promotion Board (FIPB) which will take a view on it case-by-case basis, sources said. Government, early this year, had decided to retain the policy. The policy allows 100 per cent FDI on the automatic route for greenfield investment, 100 per cent FDI is allowed for brownfield investment on the government route.

The Indian Pharmaceutical Industry has grown from 
Rs.42,326 crore in 2002-03 to Rs.1,19,421 crore in year 2012-13 and hence has grown more than two and half times in last ten years, according to official sources while denying the allegations that the policy had deteriorated the industry.

The Prime Minister’s Office had constituted an inter-ministerial group headed by the industry secretary to simplify the language of the policy on foreign direct investment. But it would not review the existing clauses or norms, sources added.

According to DIPP data, FDI in the pharma sector has more than doubled to $1.25 billion during April-November period of the fiscal. FDI in drugs and pharmaceuticals was $581 million during April-November 2012.

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3/4/2014 6:17:30 PM