The amendment of the Act has far reaching consequences for pharmaceutical and chemical-based industries as well as Indian agriculture, the party said, adding that "it adversely affects the health of the Indian people and food security of the country".

Following the amendment, new drugs introduced in the country would become unaffordable for an overwhelming majority of Indians, the statement said."Further, it would be a severe setback for R&D activities related to process technologies thatproduce indigenous drugs at a much cheaper price".

The statement said the "hollowness of BJP's commitment to protect India's interests is more thoroughly exposed by the fact that when the earlier Congress government had attempted to bring about the same changes in 1995 through an ordinance, it had opposed them."

"Today, in a bid to curry favors with the US imperialism, the party has taken such a unilateral decision behind the back of parliament and Indian people, mortgaging India to the interests of US imperialism and MNCs", the statement said. The union cabinet, it may be recalled, had earlier this week, decided to comply with the World Trade Organisation.