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Tuesday, July 16, 2024

Health Minister to launch Pharma-Med Tech R&D policy with an aim to encourage R&D

HealthHealth Minister to launch Pharma-Med Tech R&D policy with an aim to encourage R&D

Union Minister of Health & Family Welfare, Dr. Mansukh Mandaviya will launch the 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).The event will be organised by Department of Pharmaceuticals tomorrow at India International Centre.

This “Policy to Catalyze R&D and Innovation in the Pharma- MedTech Sector in India” is a commitment to encourage Research & Development (R&D) in pharmaceuticals and medical devices and to create an ecosystem for innovation in the sector in order for India to become a leader in drug discovery and innovative medical devices through incubating an entrepreneurial environment.

Objectives of the policy are to simplify regulatory processes to enable rapid drug discovery and development and innovation in medical devices and to identify mechanisms to strengthen the R&D ecosystem through increased collaboration between Industry and Academia.

The policy aims to encourage R&D in pharmaceuticals, including traditional medicines & phytopharmaceuticals and medical devices. The policy acknowledged the need for greater emphasis on encouraging R&D, through indigenously developed cutting-edge products and technologies upon three focus areas, namely, strengthening the regulatory framework, incentivising investments in innovation and creating a facilitatory ecosystem for Innovation.

Last month in August, In a move to strengthen the research and development (R&D) and innovation efforts of Indian pharma industry and academia, the Cabinet approved PRIP.

The event will see active participation from other dignitaries, including policymakers, experts from the healthcare sector along with representative from academia, think tanks, industry and media. This gathering aims to highlight the India’s drug and pharmaceutical export trend, India’s category wise export share, the preamble, need for the policy, its objectives, focus areas of the objectives and monitoring and evaluation mechanism.

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