Last Updated on January 9, 2024 by The Health Master
R&D policy for Pharma Sector
Dr Vinod Kotwal, the member secretary of National Pharmaceuticals Pricing Authority (NPPA), announced that the Research and Development (R&D) policy for the pharma sector would be launched soon.
The policy aims to create an enabling R&D environment that fosters growth for all stakeholders by creating centres of excellence and industry-academia linkages.
Dr Kotwal made the announcement at the Pharma Live Expo and Summit 2023 held in Mumbai, organised by the Indian Drug Manufacturers’ Association (IDMA) and ICEXPO Consults Pvt Ltd between March 1 and March 3.
Highlights of the Event
The event witnessed the participation of over 150 companies and around 10,000 expected visitors.
The African delegation was also present at the event, continuing its engagement in the pharma sector.
The event featured sessions on:
- Novel drug delivery systems,
- Drug manufacturing,
- GMP compliance,
- MSMEs,
- Bilateral trade,
- Exports,
- Imports,
- Automation,
- Pharma packaging,
- R&D in APIs,
- Nanotechnology,
- Academics
- Nutraceuticals.
Silvia Lutucuta, Minister of Health of Angola, led the delegation from Africa and emphasised the need for partnerships in bilateral trade and traditional medicine among other priority areas.
Union Budget 2023 and Pharma Innovation
Dr Kotwal cited Para 30 and Para 31 of the Union Budget 2023, which focus on pharma innovation and provisions for a new programme to promote research and innovation in pharma.
The Government plans to encourage industry to invest in specific priority areas and establish centres of excellence for both pharma and medical devices.
The Union Budget 2023 also talks about multidisciplinary courses for medical devices, which will encourage preventive healthcare and contribute to affordable healthcare in India.
Conclusion
The event concluded with IDMA officials expressing their commitment to making India the Pharmacy to the World.
The Indian pharma industry is poised to grow from 50 billion USD today to 600 billion USD by 2047.
The event witnessed the participation of Pharmaceuticals Export Promotion Council of India (Pharmexcil) chairman SV Veeramani, IDMA Committee members SR Vaidya, Dr George Patani, Bharat Shah, Ravi Krishna, and Rajesh Gupta.
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