Govt launches National Policy on R&D in pharma-med-tech sector

The policy is aimed at promoting Research and development (R&D) in pharmaceuticals while creating an ecosystem for innovation in the pharma sector.

 

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The government has introduced a National policy on R&D in Pharmaceutical and Medical Technology. The Union Minister of Chemicals and Fertilizers and Minister of Health & Family Welfare, Dr Mansukh Mandaviya launched the National Policy on Research and Development and Innovation in Pharma Med-Tech Sector in India, and the Scheme for promotion of Research and Innovation in Pharma Med-Tech Sector (PRIP).

The policy is aimed at promoting Research and development (R&D) in pharmaceuticals and creating an ecosystem for innovation in the sector, thereby enabling India to become a leader in drug discovery and innovative medical devices by fostering an entrepreneurial environment. The main focus of the policy is:

• To create a regulatory environment that facilitates innovation and research in product development, expanding the traditional regulatory objectives of safety and quality.
• To incentivize private and public investment in Innovation through a mix of fiscal and non-fiscal measures.
• To build an enabling ecosystem designed to support innovation and cross-sectoral research as a strong institutional foundation for sustainable growth in the sector.

The scheme will focus on transforming India into a high-volume, high-value player in the global market of pharmaceuticals. 

Highlighting the significance of the scheme the Minister said, “India can only achieve self-reliance in pharmaceuticals and medical devices by strengthening its research and development infrastructure that would drive the expansion of access to life-saving medicines and drugs and help India become a global pharmaceuticals and medical exports hub.”

Indian pharmaceutical industry is the 3rd largest pharmaceutical industry in the world by volume. The current market size of the industry is around US$ 50 billion and is expected to grow to US$ 120-130 Billion during the next decade.