Govt allocates ₹700 Crore for Pharmaceutical and Medical Technology Sectors

Last Updated on July 11, 2024 by The Health Master

Pharmaceutical and Medical Technology

The Indian government is making a significant investment in the future of healthcare by allocating ₹700 crore (US$87.5 million) for Pharmaceutical and Medical Technology to establish Centres of Excellence (CoEs) at the National Institutes of Pharmaceutical Education and Research (NIPERs) over the next five years.

This initiative aims to strengthen India’s position as a global leader in pharmaceutical and medical technology (MedTech) innovation.

Focus Areas of the Centres of Excellence

• Medical Device Manufacturing: The CoEs will address the growing demand for high-quality, domestically produced medical devices. This includes advancements in areas like surgical instruments, diagnostic equipment, and prosthetics.
• Bulk Drug Research & Development (R&D): A key focus will be on strengthening India’s capabilities in developing and manufacturing Active Pharmaceutical Ingredients (APIs), the essential components of medications.
• Phytopharmaceuticals: Research will explore the immense potential of herbal medicines and traditional knowledge systems for developing new and effective treatments.
• Biological Therapeutics: CoEs will play a crucial role in advancing research on biopharmaceuticals, a rapidly growing field with the potential to revolutionize healthcare.
• Antiviral and Antibacterial Drug Discovery & Development: Combating the growing threat of antibiotic resistance and emerging infectious diseases is a top priority. The CoEs will focus on discovering and developing new drugs to address these challenges.

Government’s Continued Commitment

This ₹700 crore investment builds upon the government’s ongoing efforts to foster innovation in the Pharma-MedTech sector.

In 2023, the Union Cabinet approved the Promotion of Research and Innovation in Pharma-MedTech (PRIP) scheme with a budget of ₹5,000 crore (US$625 million) spread over five years.

This scheme provides financial assistance for research projects, incubation centers, and other initiatives.

Addressing Funding Requests and Industry Needs

The Department of Pharmaceuticals (DoP) had initially requested ₹1,286 crore (US$160 million) for the fiscal year 2024 (FY24).

This included allocations for:

• NIPER Development (₹560 crore): This allocation reflects the government’s commitment to strengthening the existing NIPER network.
• New Initiatives (₹726 crore): The DoP requested funding for several new initiatives, including:
  • National Institute of Medical Devices Education and Research (NIMERs) (₹200 crore): This proposed institute would focus on building a skilled workforce for the MedTech industry.
  • Indian Council of Research & Development and Innovation in Pharma-MedTech Sector (ICPMR) (₹50 crore): This council would serve as a central body for coordinating research and development efforts in the Pharma-MedTech sector.
  • Promotion of Research & Innovation in Pharmaceutical Sector (PRIP) (₹243 crore): This allocation would supplement the existing PRIP scheme.

While the final FY24 budget allocated only ₹700 crore for the NIPER CoEs, this investment demonstrates the government’s understanding of the need for increased funding in the Pharma-MedTech sector.

Looking Ahead

News reports also indicate that the government is considering a production-linked incentive (PLI) scheme to encourage domestic production of Glucagon-like peptide-1 (GLP-1) drugs.

These medications play a vital role in managing diabetes and obesity, which are growing health concerns in India.

Currently, these drugs are not readily available in the Indian market due to their high cost.

By incentivizing domestic production, the government aims to make GLP-1 drugs more accessible and affordable for the Indian population.

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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