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Nicaragua becomes first Spanish-speaking nation to recognize IP standards

Shardul Nautiyal, Mumbai
Monday, March 4, 2024, 08:00 Hrs  [IST]

In a significant diplomatic move, Nicaragua has solidified its commitment to international pharmaceutical standards by becoming the first Spanish-speaking nation to officially recognize the Indian Pharmacopoeia (IP).

This milestone comes following the signing of a Memorandum of Understanding (MoU) on Pharmacopoeia Cooperation between the governments of India and Nicaragua. The ceremony, held in Nicaragua's capital, witnessed the formalization of the agreement by Dr. Sumit Seth, the Indian Ambassador to Nicaragua, and Dr. Martha Reyes, Nicaragua's Minister of Health.

The MoU reflects a shared dedication to collaboration in the regulation of medicines, marking a pivotal step towards the international harmonization of pharmaceutical standards. This development is anticipated to strengthen the bond between India and Nicaragua, fostering exchange and cooperation in healthcare, and facilitating the sharing of expertise and resources to enhance medical standards.

IP, compiled by the Indian Pharmacopoeia Commission (IPC) under the ministry of health & family welfare in India, serves as the authoritative compendium of standards for drugs. Published most recently in 2022, the IP comprises over 3,000 monographs that establish precise limits and testing methods for both raw materials and finished pharmaceutical products. The legal significance of the IP within India, enshrined in the Second Schedule of the Drugs & Cosmetics Act of 1940, mandates adherence to its standards for all imported, manufactured, and distributed drugs within the country.

Nicaragua's recognition of the Indian Pharmacopoeia adds another accolade to its global reputation and influence. This acknowledgment by Nicaragua follows in the footsteps of five other nations – Afghanistan, Ghana, Nepal, Mauritius, and Suriname – which have already affirmed the importance of the IP in ensuring the quality and safety of pharmaceutical products worldwide.

The pharmaceuticals market in Nicaragua is projected to grow by 3.86% (2024-2028) resulting in a market volume of US$ 155.10 million in 2028.

 




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