As part of the global phenomenon of trade liberalization, Nepal embarked on market-oriented trade reforms in the mid-1980s. These efforts intensified in the early 1990s after the restoration of a democratic system. Nepal's accession to the WTO in 2004 and commitment to comply with many conditions related to restructuring tariff rates and opening the economy in general and the services sector in particular further augmented that process.

Liberalisation measures in the pharmaceutical sector have brought about major changes in the industrial licensing policy, import restrictions, foreign direct investment and production controls. It was feared that firms would shift from indigenous production to imports, especially of bulk drugs, and this concern was aggravated with the change in the patent law. This paper finds that these apprehensions have only partly come true. Exports of formulations have grown faster while their imports have not registered any jump, keeping the balance of trade positive.

India's economic success has been remarkable; India's agricultural success will follow. Rural India still needs nurturing, not necessarily by just extra funding, but with vision and leadership addressing issues, with down to earth, workable solutions.

Over the past decade, India has witnessed a phenomenal growth in the clinical trial industry. The projections forecast a double-digit growth over the next decade propelled by enhanced outsourcing by drug developing companies.

The eighth ministerial of the World Trade Organisation was on the surface an inconsequential meeting of an organisation fighting a descent into irrelevance. But there were attempts by the powerful economies to craft a plurilateral approach that would keep out the majority of WTO member countries.