Industry

India’s Pharma-MedTech Sector: New Policy and Scheme unveiled for transforming

September 26, 2023

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Govt Pharma Cosmetic Medical Device Policy — Policy

Table of Contents

Last Updated on January 4, 2024 by The Health Master

Pharma-MedTech Sector

In a significant stride towards bolstering India’s pharmaceutical and medical technology sectors, Union Minister of Health & Family Welfare, Dr. Mansukh Mandaviya, is set to unveil the National Policy on Research and Development and Innovation in the Pharma-MedTech Sector, along with the Scheme for Promotion of Research and Innovation in the Pharma-MedTech Sector (PRIP).

This momentous event, organized by the Department of Pharmaceuticals, is slated to take place at the prestigious India International Centre.

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Empowering R&D and Innovation in Pharma-MedTech Sector

The “Policy to Catalyze R&D and Innovation in the Pharma-MedTech Sector in India” is a resolute commitment to foster research and development in pharmaceuticals and medical devices.

Its overarching goal is to cultivate an environment conducive to innovation, propelling India into a position of leadership in drug discovery and cutting-edge medical devices.

This initiative seeks to incubate an entrepreneurial spirit that will be instrumental in propelling the industry forward.

Download National Policy on R & D and Innovation in the Pharma-Med Tech Sector in India

Download the R&D Incentive Scheme for the Pharma Industry

Key Objectives

Streamlined Regulatory Processes: The policy is geared towards simplifying regulatory procedures and facilitating swift drug discovery, development, and innovation in the realm of medical devices. This will lead to a more agile and responsive industry.
Enhanced Industry-Academia Collaboration: A cornerstone of this policy is the identification of mechanisms to fortify the R&D ecosystem through heightened collaboration between industry and academia. This synergy will be instrumental in driving innovation.

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Focusing on Excellence

The policy places a strong emphasis on encouraging R&D in pharmaceuticals, encompassing both traditional medicines and phytopharmaceuticals, as well as medical devices.

It acknowledges the imperative of nurturing R&D through the development of cutting-edge products and technologies indigenous to India.

This focus is directed towards three critical areas:

Strengthening Regulatory Framework: The policy recognizes the need for a robust regulatory framework that supports and nurtures innovation in the pharmaceutical and medical technology sectors.
Incentivizing Innovation Investments: By creating an environment that incentivizes investments in innovation, the policy aims to drive forward-thinking research and development efforts.
Facilitatory Ecosystem for Innovation: The policy seeks to establish an ecosystem that fosters innovation, providing the necessary infrastructure and resources for research and development endeavors to flourish.

Also Read: National Policy ready for R&D in Pharma-Medical Device Industry

PRIP: Paving the Way for Progress

In a monumental move last August, the Cabinet approved the Scheme for Promotion of Research an d Innovation in the Pharma-MedTech Sector (PRIP).

This scheme is set to galvanize research and development efforts within the Indian pharmaceutical industry and academia, heralding a new era of innovation and progress.

An Inclusive Gathering

The event promises to draw participation from a distinguished gathering of policymakers, experts from the healthcare sector, as well as representatives from academia, think tanks, industry, and the media.

It aims to shed light on India’s evolving drug and pharmaceutical export trends, presenting a comprehensive overview of India’s category-wise export share.

Additionally, the event will delve into the preamble and imperative behind the policy, its multifaceted objectives, the focus areas of these objectives, and the robust monitoring and evaluation mechanisms in place.

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.