(MENAFN- KNN India) GST opens up big opportunities for Pharma SMEs: Ex Prez IDMA
New Delhi, July 8 (KNN)The Goods and Services Tax that was rolled out earlier this month is being seen as an important step in bringing about new opportunities for the Pharma Small and Medium Enterprises (SMEs), S V Veeramani, Past President of the Indian Drug Manufacturers Association (IDMA) said recently.
Talking to press at Pharmac South 2017, Veeramani said that with the coming of GST, several opportunities for the Small and Medium Enterprises gets created in terms of contract manufacturing.
Explaining further Veeramani said because of the GST, the difference in excise duty has been eliminated largely, which again is a positive step for the SMEs. Earlier companies preferred procuring from the firms in excise-free zones, whereas now with the elimination there is a level playing field for all which would make the small units more competitive in the market.
He further informed that since 40 per cent of country's manufacturing requirements are attended by the over 7000 Small and Medium Enterprises in the pharmaceutical sector.
The Ex-President also appealed to the SMEs to invest in updates technologies in order to compete with the global standards.
Veeramani was speaking at the Pharmac South 2017 Sumit on the theme ‘Challenges and Opportunities for start-ups and growing pharma companies'.(KNN/ DA)
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