Cheap bulk drug imports from China may soon post a threat to the Rs 20,000 crore (Rs 200 billion) domestic bulk drug industry.
The proposal will help India, one of the most cost-effective location for pharmaceutical production, to increase its growing generic exports multifold in a hassle-free regulatory environment.
Fortis Healthcare Limited is close to picking up a majority stake in Naresh Trehan's upcoming Medicity project in Gurgaon, with the contours of the agreement expected to be finalised within a month.
Small scale drug makers fear that they may have to shell out anything between Rs 20 lakh (Rs 2 million) to Rs 1 crore (Rs 10 million) for acquiring land and equipment as mandated by the new GLP.
The central government is likely to prescribe a special rate of abatement on the retail prices of drugs for calculation of excise duty.
The company, ranked 153rd on the Fortune list, is appointing a consultant to explore the possibilities, as part of an internal due-diligence followed for any new business.