"Pharmaceutical exports from India to Australia require approvals from Therapeutic Goods Administration (TGA).
The TGA approval process is a long drawn out and expensive process," an official statement said .
It said that there is no recognition or concession to Indian companies who have FDA approval or GMP certificate, which allows a faster process.
The issue came for discussion between visiting Premier of New South Wales, Australia, and Commerce and Industry Minister. The statement said that The Commerce and Industry Minister has suggested that Australian professionals can help Indian drug companies in the matter.
"This would only help in improving the standards of our industry as well as make it easier for Indian companies to enter the Australian market which is very lucrative for the pharmaceutical sector of India," it said.
On the ongoing negotiations for Comprehensive Economic Cooperation Agreement, he emphasised that both sides must aim for concluding the pact "latest by middle of 2012".
Both the sides also said that India and Australia have huge potential for collaboration in areas like agriculture, pharmaceuticals and precision engineering.
The Minister also welcomed the Australian decision of reversing its ban on selling uranium to India. "This decision will be welcomed all around and is in line with the strategic nature of the relationship between the countries," it added.
The bilateral trade during January-August 2011 stood at USD 9.35 billion.
Since 1997
