Recently, the Ministry of Chemicals and Fertilizers has launched initiatives to nurture Innovation, research, and development in the Medical and Pharmaceutical sectors.These Initiatives are National Policy on Research and Development and Innovation in Pharma-MedTech Sector in India and Scheme for Promotion of Research and Innovation in Pharma MedTech Sector (PRIP).
GS II: Health
Dimensions of the Article;
- National Policy on Research and Development and Innovation in Pharma-MedTech Sector
- Scheme for Promotion of Research and Innovation in Pharma-MedTech Sector (PRIP)
National Policy on Research and Development and Innovation in Pharma-MedTech Sector:
- Aim: To encourage R&D in pharmaceuticals, including traditional medicines, phytopharmaceuticals, and medical devices.
- Potential Impact: It could increase the sector’s size to USD 120-130 billion over the next decade, contributing approximately 100 basis points to the GDP.
- Create a regulatory environment that supports innovation and research in product development, beyond safety and quality.
- Incentivize private and public investment in innovation through fiscal and non-fiscal measures.
- Build an enabling ecosystem to support innovation and cross-sectoral research as the foundation for sustainable growth.
Scheme for Promotion of Research and Innovation in Pharma-MedTech Sector (PRIP):
- Focus: Fostering innovation and transforming the MedTech sector into an innovation-driven powerhouse.
- Emphasis: High-quality research and innovation, shifting the sector towards value and innovation-based approaches.
- Component A: Strengthen research infrastructure by establishing 7 ‘Centres of Excellence’ at National Institutes of Pharmaceutical Education and Research (NIPER).
- Component B: Promote research in the pharmaceutical sector, encouraging research in six priority areas like New Chemical Entities, Complex generics (including biosimilars), medical devices, stem cell therapy, orphan drugs, and Anti-microbial resistance. Financial assistance will be provided to industries, MSMEs, SMEs, startups collaborating with government institutes for in-house and academic research.
- These initiatives aim to drive innovation, research, and development in the Pharma-MedTech sector, positioning India as a global leader in healthcare innovation.