Policy Initiatives for Pharma Med Tech Sector | 30 Sep 2023

Source: PIB

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).

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.
• 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.