An offical at India's Commerce Ministry says the currently stalled free trade talks with the European Union will remain on hold until a ban on 700 generic drugs that were bioequivalency tested by GVK Biosciences is resolved, according to a report by The Hindu newspaper.
India has deferred planned trade talks with the European Union as a form of protest to a European Union-wide ban set to start this month on more than 700 drugs that were bioequivalency-tested by GVK BioSciences, India's Live Mint newspaper said.
The fallout from a European Union-wide ban on more than 700 drugs that were bioequivalency-tested by India's GVK BioSciences could cost India at least $1 billion in exports by the end of the fiscal year in March 2016, the Economic Times reports.
Various recent reports covering the near-term and long-term outlook for the pharmaceutical industry in Asia paint a positive picture with increased revenues coming from the generics and biosimilars industries along with products as specific as human insulin from China.
Having begun the month by revealing new problems at its Canadian flu vaccine plant and followed that up with a fine for violating the U.S. Clean Air Act last week, GSK has now accidentally dumped live poliovirus into the Belgian sewer system.
The European Union is betting heavily on graphene, a potential material of the future with several med tech applications, via a €1 billion ($1.3 billion) research fund dubbed the Graphene Flagship.
In 2012, an immediate action plan as well as new medical device legislation were proposed in the European Union. This week, the Employment, Social Policy, Health and Consumer Affairs Council of the European Commission declared the action plan a success and issued its vision for upcoming legislative changes.
Ireland is balking at proposed tougher medical device regulations in the European Union, a major voice of opposition as member states work to hash out a final law.
The European Union began looking for a solution to vaccine instability earlier this year, and is now nearing the end of its search. A decision is expected next month, after which the EU will commit $3 million to support development of the vaccine temperature stability project.
Medical device regulatory reform in Europe faced another setback this week. A European Parliament committee has once again tabled a vote on tougher new regulations, putting it off for the second time since July.