India among top 10 pharma mkts by 2020: PWC

STAFF WRITER 17:19 HRS IST

New Delhi, Apr 13 (PTI) India will join the league of top 10 global pharmaceuticals markets in terms of sales by 2020 with the total value reaching USD 50 billion by then, according to a report by PricewaterhouseCoopers (PwC).

The country's population is growing rapidly, as is its economy-?creating a large middle-class that can to afford western medicines, consultancy firm PwC's report said.

An ageing population together with increase in problems associated with cardio-vascular disorders and central nervous system will lead to higher demand for drugs, the report said.

Around USD 70 billion worth of drugs are expected to go off patent in the US over the next three years and India is capable of manufacturing a substantial share of the products.

Ban to continue on new ULIP schemes, says SEBI

STAFF WRITER 18:59 HRS IST

Mumbai, Apr 13 (PTI) A day after the finance ministry brokered a truce between two financial sector regulators, SEBI today said any new ULIP scheme launched after April 9, 2010 by insurance companies will remain covered by its earlier ban order.

"...with respect to any new ULIP schemes/products launched after April 9, 2010, the directions mentioned in the said order (that banned 14 life insurance companies from launching ULIPs) will be enforced as indicated therein," said an order by the Securities and Exchange Board of India (SEBI).

The market regulator, however, clarified that SEBI has decided to keep in abeyance, till further notice, its order concerning the ongoing ULIP schemes.

"This is to bring to the notice of the investors that SEBI has decided to keep in abeyance, till further notice, the enforcement of the above direction with respect to any new ULIP schemes/products existing on the date of the order", it said.