The new packaging standards will be ready by next year: Jt Secy, Dept of Comm
The Centre has directed the Indian Institute of Packaging (IIP) to set new packaging standards for pharma exports to African and Asian countries.
“As directed by the government, IIP is developing packaging standards in consultation with leading pharma firms for exports to African and Asian countries. The new packaging standards will be ready by next year,” said Sudhanshu Pandey, Joint Secretary, Department of Commerce.
The decision was taken after a big pharma order from India got rejected by Vietnam and product was recalled due to packaging issue, Pandey said.
“The government will ensure the regulatory body will adhere to the new packaging standards. There can be no compromise on the regulatory standards, quality parameters,” he said.
Packaging sector is one of the booming areas of the Indian economy. There is tremendous growth in Indian pharma manufacturing, which also cater to the requirements of the global pharma industry, NC Saha, Director, IIP.
IIP is a national apex body under the Ministry of Commerce and Industry, with the specific objective of improving the packaging standards in India.
The country’s pharma sector is the third largest in terms of volume and thirteenth largest in terms of value.
India is the largest provider of generic drugs globally with the Indian generics accounting for 20 per cent of the global exports in terms of volume.
Domestic pharma industry is expected to grow over 15 per cent per annum to outperform the global pharma industry, which is set to grow at an annual rate of 5 per cent, Saha said.
The market is expected to grow to $55 billion by 2020, thereby emerging as the sixth largest pharma market globally by size, Saha added.
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