Pharma FDI policy needs relook: Sharma

Expressing "serious concern" over the impact of the prevailing FDI policy for brownfield investments in the pharmaceutical sector, Commerce Minister Anand Sharma has urged Prime Minister Manmohan Singh to convene a high-level review meeting to deliberate on the matter.

"Foreign Direct Investment (FDI) in the pharma sector has neither proved to be an additionality in terms of creation of production facilities nor has it strengthened the R&D in the country.”

“These facts make a compelling case for revisiting the FDI policy on brownfield pharma," Sharma said in a letter addressed to Prime Minister Manmohan Singh.

"I would urge the PM to call an urgent high-level review meeting, along with Finance Minister, Health Minister, Pharmaceutical Minister, and the undersigned (myself) to deliberate on the matter," he said.

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