What are the key reforms in Indian Pharmaceutical Industry after 1995.
The Indian pharmaceutical industry has undergone significant reforms and changes since 1995, aimed at enhancing its regulatory framework and global competitiveness. Some key reforms and developments in the Indian pharmaceutical industry after 1995 include:
1. Introduction of TRIPS Agreement: In 1995, India became a signatory to the Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement, which mandated stricter intellectual property protection. This led to changes in India's patent laws and the introduction of product patents in pharmaceuticals in 2005, encouraging innovation.
2. Establishment of CDSCO: The Central Drugs Standard Control Organization (CDSCO) was restructured to strengthen the regulatory framework. This included the creation of the New Drug Advisory Committee (NDAC) and the Drug Consultative Committee (DCC) to expedite drug approvals.
3. Streamlined Drug Approval Process: The introduction of
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