New Delhi [India], March 14 : The cosmetics industry stakeholders, during a round table in New Delhi, expressed a need to introduce an independent regulatory framework for the sector, separate from the framework for drugs.
Further, they suggested reforms in the product approval system and increased harmonisation between central and state authorities.
During the roundtable convened by 'The Dialogue', a public policy think tank on "Industry Outlook on Policy Frameworks for the Cosmetics Sector" the industry stakeholders commended the government's efforts over the years to ensure customer welfare, innovation, and affordability in the cosmetics industry.
However, they also highlighted the need to reassess the current legal framework, with a focus on the challenges posed by regulating drugs and cosmetics under a common law, a release added.
Going further, the industry stakeholders also discussed the need for reforms in the product approval procedure for cosmetics, with a focus on the impact of pre-market approval processes on innovation. The current approval process, stakeholders suggested, increases compliance burden and slows down innovation.
Dev Bajpai, Advisor and Former Whole-Time Director and Chief Legal Officer at Hindustan Unilever, said, "Considering the industry's growing importance, it is prudent to consider a dedicated regulatory framework that does not regulate drugs and cosmetics together."
He said that the regulatory landscape needs to enable growth and innovation. Moving away from premarket licensing and towards post market notification can help with this, along with a separate legal framework and regulator, he said.
"Such an approach would build on the government's exemplary efforts to help the sector grow while fostering greater investments, innovation and customer interests," he added quoted by the release.
Amit Bhasin, Chief Legal Officer at Marico Limited, said, "Regulatory bottleneckssuch as common framework for drugs and cosmetics and prolonged pre-market approval processes pose significant challenges, particularly for SMEs looking to scale and compete effectively."
He added, "A modernised, industry-specific regulatory framework would not only accelerate product innovation and market entry but also create market opportunities for emerging businesses. By streamlining regulations, India can empower its homegrown brands to expand globally while ensuring consumer safety and product excellence."
According to The Dialogue, the India's cosmetics sector is set to generate USD 20 billion by 2025, growing at 8-9 percent annually. It is a significant contributor to the economy, driven by evolving consumer preferences, global beauty trends, and increasing digital adoption.
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