National Policy and Scheme for Pharma-MedTech Innovation
- 27 Sep 2023
On 26th September, 2023, the Union Government introduced the National Policy on Research and Development and Innovation in Pharma-MedTech Sector in India, alongside the Scheme for promoting Research and Innovation in the same sector.
Key Points
- Historic Day for Pharma & MedTech: Health Minister emphasizes the need to shift from a cost-based to innovation-based industry in Pharma & MedTech, marking a significant moment in India's journey toward self-reliance.
- A Transformative Stage: The new scheme aims to position India as a high-volume, high-value player in the global pharmaceutical market, focusing on quality, accessibility, and affordability.
- Key Highlights of National Policy on Research and Development: Focus on creating a regulatory environment conducive to innovation and research, expanding beyond safety and quality.
- Incentives for private and public investment in innovation through fiscal and non-fiscal measures.
- Establishment of an enabling ecosystem to support innovation and cross-sectoral research.
- Key Highlights of Promotion of Research and Innovation in Pharma MedTech Sector (PRIP): Aimed at transforming the pharmaceutical sector by strengthening research infrastructure.
- Encourages industry-academia collaborations in priority areas, including New Chemical Entities, Complex generics, medical devices, stem cell therapy, orphan drugs, and Anti-microbial resistance.
- Development of research infrastructure and promotion of industry-academia linkages for R&D.
Benefits of PRIP Scheme
- Development of a world-class research atmosphere at NIPERs and other institutes.
- Promotion of industry-academia collaborations, fostering innovation.
- Focus on priority areas to bolster India's position in the global pharmaceutical market.
- Acceleration of revenue growth and job creation in the pharmaceutical sector.
- Development of affordable healthcare solutions, reducing the healthcare burden.
