The government has decided to allow foreign investments in the existing domestic pharma companies only after clearance by the Foreign Investment Promotion Board (FIPB). The decision taken at a high-level meeting chaired by Prime Minister Manmohan Singh yesterday comes in the wake of mounting concerns over availability of affordable essential drugs in the wake of multinationals acquiring local companies. As per decision, any foreign company acquiring an Indian firm, which had been producing essential medicines, would have to continue to do so till the time the Competition Commission of India(CCI) was empowered to vet such deals. The government is also checking the legality of inserting new sectoral specific clauses in the Act so that the CCI could direct foreign firms to produce a specific quantity of essential medicines after acquiring an Indian company. It is also examining whether the threshold limit for foreign investment in brownfield projects that would require CCI clearance should be revised from the existing about 750 crore rupee limit.