India is working on revising its drugs law to make it easier for companies to do business and to improve the safety and efficacy of locally produced drugs, the government said on Wednesday.

India's $15 billion drugs industry, dubbed the 'pharmacy of the developing world', has been pushing over the last two years for changes to the Drugs and Cosmetics Act of 1940. There have been several amendments to the law over the years, but critics have said it still does not adequately cover critical areas such as medical devices.

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The government said that after extensive discussions with stakeholders, it has prepared draft guidelines to regulate the medical devices industry, and these would be "notified shortly."

Since a revised law is in the works, ministers have decided to withdraw a bill that was introduced in the upper house of the parliament in 2013 to further amend the drugs law, the government statement said.