India’s medical services firms, including Medcare and Medco, are expected to file for US regulatory approval next month, after their last court appeal to the US Food and Drug Administration (FDA) was rejected by the agency.
The Indian Medical Services (IMS) Association said it will file the registration documents with the FDA next month.
The companies have said they will continue to operate as usual in the US and work with the government to set up the new company.
The association’s president Sanjay Khemka told NDTV on Wednesday that Medcare, which has about 12,000 doctors in the country, is looking for a partner in the FDA to set a regulatory framework.
“We will submit our application within three months,” he said.
Khemka said that Medco was preparing to file its registration with the US Securities and Exchange Commission (SEC), the US Federal Trade Commission (FTC), the Securities and Investment Commission (SIC) and the Commodity Futures Trading Commission (CFTC).
“We will file with the regulators as well,” he added.
Medcare has said that the new firm will operate in a way that will allow it to maintain a focus on its core competencies.
It said it was considering two major areas for growth: healthcare-related technology, and pharmaceutical services, as well as a new medical device market.
“We believe this will enable us to continue the business as usual, providing a strong healthcare platform,” Khemki said.
A few days ago, Medcare was the target of a lawsuit by pharmaceutical companies, alleging that Medcos’ products are unsafe.
Medcos claimed that the patents granted to the drug companies did not cover any of the technology Medco had developed.
In the wake of the case, Medcos also raised a $3.5bn capital injection from the financial institutions it manages.