An agreement for undertaking drug discovery research and
generating Intellectual Property (IP) came into force in the
last week of May between GVK Bio, a Hyderabad-based company and
Wyeth Pharmaceuticals. Under the pact, applications for INDs
(Investigative New Drug) would be filed with the US Food &
Drug Administration by GVK Bio which will be responsible for
identifying drug candidates and the clinical studies would be
performed by Wyeth. The agreement stipulates on payment to GVK
Bio at the initial stage as well as success-based milestone
payments (based on the research progressed).
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The food processing industry one of the largest industries in India is widely recognized as a 'sunrise industry' in India having huge potential for uplifting the agricultural economy, creation of large scale processed food manufacturing and food chain facilities, and the resultant generation of employment and export earnings.
One of the potential threats for manufacturing and sale of food/health supplements such as "Dietary food supplement", "Food supplements", "Nutritional supplements", "Health supplements", is its categorization in the category of "Food" or "Drugs", as there is a very thin line between "drugs/ medicines" and "nutritional supplements".
In its Cabinet Note in December, 2014, the Government of India proposed significant amendments to the Consolidated Foreign Direct Investment Policy, 2014 (''FDI Policy'') with respect to India's medical device industry.
Although in countries like the United States of America and New Zealand, drugs to be prescribed by medical practitioners are allowed to be advertised directly to consumers/patients and are regulated by the respective department of the Government in charge of drugs in the country, the same practice is not followed or encouraged in India.
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