Centre to introduce minimum import price on pharmaceutical raw materials to curb cheap Chinese imports

News Snapshot:

New Delhi: India plans to introduce a minimum import price (MIP) for select pharmaceutical raw materials in a move to shield its domestic industry from a flood of cheap Chinese imports, two people directly involved in the process said, a step that will also shore up India's status as the world's largest supplier of generic drugs. India accounts for about 20% of the global supply of generic drugs and manufactures about 60,000 generic brands, across 60 categories. The plan comes against the backdrop of the Centre’s move to bulk up its Production Linked incentive (PLI) scheme for generic drugs by...