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The government of India announced the New Pharmaceutical Policy 2002. The salient features of the policy are:
(i) Industrial licensing for all bulk drugs to be cleared by Drug Controller General of India.
(ii) Foreign direct investment upto 100 per cent will be permitted subject to the stipulations laid down from time to time.
(iii) Automatic approval for foreign technology agreement.
(iv) Ceiling price may be fixed for any formulation.
(v) Government will keep a close watch on the prices of medicines.
(vi) Price fixation by the Pharmaceutical Pricing Authority, an independent body of experts.