Ranchi, June 15: Jharkhand Chemists’ and Druggists’ Association (JCDA) would enter the drug market soon through a separate company to ensure a steady supply of vital drugs to the market.

“The new company would be called the Jharkhand Chemists’ and Distributors’ Alliance and would have a working capital of Rs 2 crore,” JCDA general secretary Amar Kumar Sinha said.

He pointed out that following the entry of foreign multinationals into the drug market and their complete stronghold over the market, the new company would not only ensure supply of life-saving drugs to consumers but would also protect the interests of the drug dealers,” Sinha added.

The Centre has set up a new central drug authority by amending the Drug and Cosmetic Act, 1940, which has been given blanket powers to control all operations — from manufacturing and distributing to awarding licenses to interested parties. In addition, dealers would have to obtain special licences to sell certain life-saving drugs, particularly psychotropic drugs.

Sinha revealed that amid the prevailing turmoil in the drugs market, the All India Organisation of Chemists’ and Druggists’ have already formed a separate company by the name of AIOCD Limited that would challenge overseas companies.

Now the Jharkhand-based body has also decided to follow suit. The new company is expected to enter the drugs market by early next year, Sinha stressed.

The secretary pointed out at a meeting held today, that the association decided to co-operate with the state government to identify fake and spurious drugs in the market.