Drug firms facing challenging times due to price control: Cipla

Drug companies are facing a tough environment due to the government bringing more products under the price control policy as also tightening of registration procedure that has impacted time to market newer products, Cipla Chairman YK Hamied has said. "The environment for the domestic pharma companies remains challenging with more products coming under price control, and other pressures such as government legislation to ban certain fixed dose combination drugs," Hamied told shareholders at the company's annual general meeting (AGM), as per a regulatory filing today. Moreover, with the tightening of new product registration procedures, the approval time to market newer products has also been significantly impacted, he added. "We do hope that the government will look into some of these challenges pragmatically to ease the operational environment for the pharma industry," Hamied said, reports PTI.

The domestic pharma sector looks after the healthcare needs of India as well as many other countries, he added. "We are a major producer and supplier of affordable drugs worldwide. Many countries are dependent on India for their drugs. Now that our Indian pharma industry is at the forefront of healthcare, the government should be fully supportive," Hamied said. Calling for in-licensing system for patented and monopoly drugs developed abroad, Hamied said Cipla will continue its efforts to offer patients affordable essential medicines.