Cabinet approves signing of MoU between India and Suriname in the field of the regulation of medicines

Source: The post is based on the article “Cabinet approves signing of MoU between India and Suriname in the field of the regulation of medicines”  published in PIB on 16th August 2023.

What is the News?

A Memorandum of Understanding (MoU) has been signed between the Indian Pharmacopoeia Commission(IPC) and the Ministry of Health of Suriname, aiming to recognize the Indian Pharmacopoeia (IP) as a standard for medicines in Suriname.

What is the Indian Pharmacopoeia Commission(IPC)?

Indian Pharmacopoeia Commission (IPC) is an autonomous institution of the Ministry of Health and Family Welfare.

IPC is created to set standards of drugs in the country. Its basic function is to regularly update the standards of drugs commonly required for treatment of diseases prevailing in this region. 

It publishes official documents for improving Quality of Medicines by way of adding new and updating existing monographs in the form of Indian Pharmacopoeia (IP). 

It further promotes rational use of generic medicines by publishing National Formulary of India.

It also provides IP Reference Substances (IPRS) which act as a fingerprint for identification of an article under test and its purity as prescribed in IP.

What are the benefits of International recognition of the Indian pharmacopeia Standards?

Firstly, it would boost the export of Indian pharmaceutical products to these countries as it would remove double regulation, duplication in testing and post importation checks. Indian drug exporters would thus gain a competitive edge and trade would become more remunerative.

Secondly, importing nations would gain access to quality Indian medical products at affordable prices.

Thirdly, manufacturers in importing countries would have better scope for development of generic medicines contributing to availability of affordable medicines to their citizens.