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In this episode of the State of the Economy podcast, businessline’s Jyothi Datta talks to Rishi Agrawal, CEO and Co-founder of TeamLease RegTech, about the Indian pharmaceutical industry, sparked by a recent report from the National Drug Regulator revealing a concerning number of substandard-quality drugs.
India’s pharmaceutical landscape is a double-edged sword. On one side, it boasts a vast ecosystem of compliance, with over 69,000 unique regulations governing pharmaceutical companies. On the other hand, the regulatory enforcement capacity struggles to keep pace with industry demands, resulting in significant gaps in oversight.
Agrawal highlights the importance of regulatory compliance and the responsibility of manufacturers in maintaining quality control. He emphasised that while counterfeit drugs are manufactured with the intent to deceive, not of standard quality (NSQ) drugs may originate from legitimate sources yet fail to meet required standards due to various factors like poor storage or inadequate testing.
Agrawal advocates for a more robust regulatory framework, emphasising the need for a targeted approach to enforcement. He suggests that the 10% of manufacturers engaged in illegal practices should face stringent consequences, while the remaining 90%—the law-abiding companies—should not be burdened with excessive compliance demands.
As consumers navigate the choices between local chemists and online pharmacies, the podcast highlights the need for assurance in the quality of medications regardless of the purchasing avenue. Agrawal firmly asserts that the onus of accountability lies with regulators and manufacturers to ensure that all medicines meet safety and efficacy standards, regardless of price.
(Host: Jyothi Datta, Producer: Amitha Rajkumar)
About the State of the Economy podcast
India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.
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