The Union Cabinet chaired by Prime Minister Narendra Modi on Thursday approved a memorandum with the Netherlands, Dominican Republic, and Ecuador "on cooperation in the field of regulation of medical products". Three Memorandums of Understanding (MoUs) were presented before the Cabinet chaired by the Prime Minister and were signed by the Central Drugs Standard Control Organization (CDSCO) of the Health Ministry and the relevant regulatory authorities of the three countries. It is noteworthy that the MOI between CDSCO and the Ministry of Health, Welfare, and Sports of the Netherlands was signed on November 7, 2023.
In this, emphasis will be laid on issues like banning substandard and counterfeit medicines in international markets. This can also help in increasing the export of medicines from India and will also result in the creation of employment opportunities for professionals in the pharmaceutical sector, the statement said.
Export of medicines expected to increase
The statement said this MoU between the regulatory authorities of these countries along with India will facilitate a better understanding of the regulation of medical products concerning pharmaceuticals, including raw materials for pharmaceutical use, biological products, medical devices, and cosmetic products. Along with the increase in the export of medicines from India, an increase in foreign exchange earnings is also expected. This will be a step towards a self-reliant India.
(PC: Freepik)
