Health minister To Unveil National Policy on R&D and Innovation in Pharma-MedTech Sector

Dr. Mansukh Mandaviya, Union Minister of Chemicals and Fertilizers and Health and Family Welfare, will launch the National Policy on Research and Development and Innovation in the Pharma-MedTech Sector in India and the Scheme for Promotion of Research and Innovation in the Pharma-MedTech Sector (PRIP) on September 26, 2023. The event will be attended by Bhagwanth Khuba, Union Minister of State for Chemicals, Fertilizers, and Renewable Energy as well as Dr V K Paul, Member of NITI Aayog. The event will be organized by the Department of Pharmaceuticals tomorrow at India International Centre.

The National Policy on Research and Development in the Pharma-MedTech Sector in India 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, as per pharmabiz. The strategy intends to promote research and development in pharmaceuticals, including traditional medicines and phytopharmaceuticals, as well as medical devices.

According to the Ministry, the policy recognized the need for a greater emphasis on encouraging R&D through indigenously developed cutting-edge products and technologies in three focus areas: strengthening the regulatory framework, incentivizing investments in innovation, and creating a facilitatory ecosystem for innovation. Other dignitaries attending the event will include lawmakers, healthcare specialists, and representatives from academia, think tanks, industry, and the media. The purpose of this gathering is to emphasize India's drug and pharmaceutical export trend India's category-wise export share, the prologue, the need for the policy, its objectives, emphasis areas of the objectives, and monitoring and evaluation methodology.