API Holdings, the parent of the online pharmacy platform PharmEasy, has sent a letter to the Union Health Minister Mansukha Mandaviya, seeking his intervention for quick notification of the draft e-pharmacy rules to remove regulatory uncertainties regarding their business.
According to a report by the Economic Times (ET), the development came four months after the Drug Controller General of India (DGCI) show caused multiple online pharmacy platforms over the violation of norms regarding the online sale of drugs.
In an attempt to resolve the issue, API Holdings sought an urgent meeting with a delegation of online pharmacies.
Prior to this, the DGCI issued show-cause notices to nearly 20 platforms in February.
"We seek your support towards the quick notification of the draft e-pharmacy rules and the New Drugs, Medical Devices and Cosmetics Bill 2022 to remove any uncertainty and to harmonise all the existing regulations under which the e-pharmacy is already compliant," the letter said.
“Multiple e-pharmacy players have received show cause notice from DCGI accusing them of violation of the provisions of the Drug and Cosmetic Act and rules. Since the said Act is not applicable to e-pharmacies the question of violation of provisions is moot,” the letter added.
Earlier, the Government of India (GoI) proposed draft legislation on multiple cases. However, it is yet to frame one.
API Holdings recently witnessed a slash in its valuation from Janus Henderson. The US-based asset management platform had cut its valuation by 50 per cent. It also received a valuation slash from Neuberger Berman by 21 per cent to 4.4 billion as of February 28.