The Indian government should ask China to deliver on its assurance of reducing the trade imbalance and promote greater imports from India, representatives of a few Indian Pharma firms.
Expectations are that Xi's visit will result in large-scale investments in India besides addressing the yawning trade imbalance which averaged at about USD 35 billion year out of about USD 67 billion annual bilateral trade.
Representatives of Indian Pharmaceutical companies in China said that the Communist nation could consider providing a "green channel entry" for established Indian drug manufacturing companies whose facilities are already US Food and Drug Administration (USFDA) or UK MHRA-compliant.
This move will not only boost Indian exports but also to provide affordable and life saving medicines to the Chinese population who are challenged with rising cost of hospital care.
There are only a handful Indian companies Dr Reddys, Ranbaxy, Sun Pharma & Aurobindo present in Beijing.
With USD 14.7 billion Pharma exports last year many of the drugs produced by India's leading pharmaceutical companies have been welcomed in the US, EU, Russia, and Africa.
However, the existing regulatory regime and the cumbersome drug registration procedure in China has dampened enthusiasm among Indian companies seeking entry into China.
Both sides know the problem and solution and it is time for action.
The President's visit could be a great opportunity to address the issue once for all, he said.
Currently India is the biggest importer of Active Pharmaceutical Ingredients, (API) from China.
While licences and registration timelines for Chinese APIs are granted by the Indian Drug Regulatory Authority in about four to six months, it takes roughly about five to six years for established Indian pharma firms to register their products in China.
Some suggestions to minimize product approval gestation times include to follow the US, EU guidelines or those of BRICS nation, which now Chinese officials attach lot of significance.

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