Last Updated on January 5, 2024 by The Health Master
Pharma Sector
In a strategic move aimed at propelling research and development (R&D) endeavors within the pharma sector, including medical technology sectors, the Union Health Ministry has taken a pivotal step by earmarking a substantial sum of Rs. 5,000 crore for a duration spanning five years.
This substantial financial allocation seeks to catalyze research initiatives, particularly in the private sector, through the establishment of pioneering incubation centers.
Boosting Innovation in Pharma Sector: The PRIP Scheme
With the intention of steering the Indian pharmaceutical and MedTech domain from a foundation of cost-centric competition to one characterized by innovation-led expansion, the Promotion of Research and Innovation in the MedTech (PRIP) and Pharma Sector scheme has emerged.
This comprehensive policy is structured around two distinct five-year blueprints, the execution of which will be overseen by a dedicated task force, led by none other than the Union Health Minister.
Strengthening the Research Infrastructure in Pharma Sector
At the heart of the scheme lie its primary components, the first of which is meticulously designed to fortify the research infrastructure through the establishment of Centers of Excellence (CoE) within the seven existing National Institutes of Pharmaceutical Education and Research (NIPERs).
An estimated budget of Rs. 700 crore has been apportioned for this purpose over a period encompassing five years.
These esteemed NIPERs are strategically situated in key locations, including:
- Ahmedabad,
- Mohali,
- Hyderabad,
- Raebareli,
- Hajipur,
- Kolkata, and
- Guwahati.
Also read: NIPER: A Comprehensive Guide to NIPER Institutes in India
Nurturing Industry-Government Partnerships
The second pivotal aspect of the scheme involves fostering collaboration between the government and nine well-established pharmaceutical companies.
A dedicated fund of Rs. 125 crore has been committed to this initiative over a span of five years.
Additionally, financial assistance of Rs. 100 crore has been extended to support 30 high-potential research projects, along with funding for 125 research projects within the startup ecosystem.
Progress on Multiple Fronts
The progress in bolstering the pharmaceutical and medtech sectors is evident on various fronts.
Already, an allocation of Rs. 1,000 crore has been injected into the development of bulk drug parks in:
- Gujarat,
- Himachal Pradesh, and
- Andhra Pradesh.
Notably, efforts are underway to establish four medical device parks in:
- Uttar Pradesh,
- Himachal Pradesh,
- Madhya Pradesh, and
- Tamil Nadu.
Evolving Regulatory Landscape
The Union Minister for Health and Family Welfare, Dr. Mansukh Mandaviya, underscored the focus on streamlining regulatory processes.
A notable initiative in this realm is the consolidation of regulatory authorities into a unified portal.
In addition, non-fiscal measures are being enacted to facilitate private equity (PE) funds investment in research initiatives.
Furthermore, an innovative collaborative research ecosystem is being fostered to facilitate synergies between academia and industry.
Seizing Global Leadership in Innovative Drugs
Recognizing the pivotal role of innovative drugs in global growth, the Health Ministry emphasized the aim of achieving global leadership in the pharma sector.
The Production-Linked Incentive (PLI) schemes have been instrumental in reducing import reliance on Active Pharmaceutical Ingredients (APIs).
The Ministry highlighted a remarkable shift from over 90 percent import dependence on a single country for 43 APIs to the domestic production of 20 APIs, with an additional 23 APIs set to enter production soon.
Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.
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