Governance
Policy Initiatives for Pharma Med Tech Sector
- 30 Sep 2023
- 3 min read
For Prelims: Pharmaceutical sectors, National Policy on Research and Development and Innovation in Pharma-MedTech Sector in India, Research and Innovation in Pharma MedTech Sector (PRIP)
For Mains: Policies and Initiatives of Medical and Pharmaceutical sectors
Why in News?
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).
Note
Indian pharmaceutical industry is the 3rd largest pharmaceutical industry in the world by volume with current market size of around USD 50 Billions.
What are the Initiatives Launched?
- National Policy on Research and Development and Innovation in Pharma-MedTech Sector:
- The policy aims to encourage R&D in pharmaceuticals, including traditional medicines & phytopharmaceuticals and medical devices.
- It can potentially help in growing the sector to USD 120-130 Billion over the next decade, increasing its contribution to the GDP by about 100 basis points.
- Objectives:
- To create a regulatory environment that facilitates innovation and research in product development, expanding the traditional regulatory objectives of safety and quality.
- To incentivize private and public investment in Innovation through a mix of fiscal and non-fiscal measures.
- To build an enabling ecosystem designed to support innovation and cross-sectoral research as a strong institutional foundation for sustainable growth in the sector.
- The policy aims to encourage R&D in pharmaceuticals, including traditional medicines & phytopharmaceuticals and medical devices.
- Scheme for Promotion of Research and Innovation in Pharma-MedTech Sector (PRIP):
- The PRIP scheme focuses on fostering innovation and transforming the MedTech sector into an innovation-driven powerhouse.
- It emphasizes high-quality research and innovation, aiming to shift the sector towards value and innovation-based approaches.
- Components:
- Component A: Strengthening the research infrastructure by establishment of 7 Centres of Excellence’ at National Institutes of Pharmaceutical Education and Research (NIPER).
- Component B: Promoting research in pharmaceutical sector by encouraging research in six priority areas like New Chemical Entities, Complex generics including biosimilars, medical devices, stem cell therapy, orphan drugs, Anti-microbial resistance etc., wherein financial assistance will be provided for the Industries, MSME, SME, Startups working with government institutes and for both in- house and academic research.
What are the Initiatives Related to the Pharmaceutical Sector?
UPSC Civil Services Examination, Previous Year Question (PYQ):
Mains:
Q. How is the Government of India protecting traditional knowledge of medicine from patenting by pharmaceutical companies? (2019)
