The Indian government has recently been able to settle its dispute over the confiscation of Indian generic drugs by countries with the EU. It is to be mentioned here that the dispute was regarding countries like the Netherlands and France but the settlement has given a certain picture to the Indian pharmacy companies.

For the uninitiated, the Indian companies use Europe as a transit point for exports to Africa and Latin America.

Commerce and industry minister Anand Sharma said on the sidelines of the Ficci-Frauenhofer CEOs Roundtable that the EU has accepted the position of the country and hence has decided to amend its rules.

Moreover, the minister also pointed towards the fact that India would withdraw the complaint filed at the World Trade Organisation (WTO) against such seizures as it does not want to be in a conflict.

It may be noted here that the custom authorities have seized 17 drug consignments from India over the past couple of years. However, as the issue is now settled more or less, it is expected that the Indian pharma companies will get a big boost for the businesses.