Japan amends Pharmaceutical Affairs Act to attract Indian pharma
29-Feb-16, Pharma Biz
The Japanese External Trade Organization (JETRO), which has set a target of foreign direct investment (FDI) to the tune of around $300 billion by 2020, is now wooing the Indian pharmaceutical companies to enter the region and maximize its conducive research-innovation eco-system and advanced manufacturing infrastructure. For this purpose, Japan has amended Pharmaceutical Affairs Act which has drastically improved the approval process for medicine and medical devices.
%20JETRO.png "Japan amends Pharmaceutical Affairs Act to attract Indian pharma (c) JETRO")
Image: JETRO
Since December 2012, Abenomics which are economic policies advocated by Japanese Prime Minister Shinzo Abe, focuses on fiscal stimulus, monetary easing and structural reforms. Moreover, Japan is already part of the Trans Pacific Partnership (TPP) negotiations. Now India and its pharma industry are concerned about the regulatory and trade challenges coming in with TPP implementation and therefore JETRO sees its strategic companies to partner with Japan to enter US and EU markets.
The Japanese trade arm has also deployed experts in India and established an India desk in Tokyo to promote investments and accelerate FDIs. This follows the pact inked between Indian Prime Minister Narendra Modi and Japanese PM Abe at New Delhi in December 2015 to promote FDI from India to Japan.