New R&D Policy can Unlock India's Huge Research & Innovation Potential says Kiran Mazumdar Shaw

The central government's recently released National Policy on Research and Development and Innovation in the Pharma-MedTech Sector, according to Kiran Mazumdar-Shaw, executive chairperson of Biocon and Biocon Biologics, could be a game changer. By combining 'Make in India' and 'Innovate in India,' this policy can unleash India's enormous research and innovation potential to deliver Atmanirbhar Bharat. It has the potential to propel India to the forefront of drug discovery and medical technology innovation.

She added that the policy can help Indian pharma earn US$ 120-130 billion over the next decade, increasing its contribution to GDP by about 100 basis points. The policy, at its core, lays out a three-pronged strategy while fostering an environment that fosters innovation. The first pillar focuses on developing a regulatory framework that promotes R&D. This includes streamlining approvals, lowering bureaucratic barriers, and speeding up the regulatory process. India can effectively leverage its scientific talent to generate ground-breaking solutions to address pressing global medical challenges by creating a conducive environment for innovative research, Shaw told Pharmabiz in an email.

The third and equally important component of the policy focuses on creating an enabling ecosystem that nurtures innovation and translational research, laying a solid institutional foundation for long-term growth. Creating this ecosystem necessitates close collaboration between industry and academia. In conclusion, the advent of a 'National Policy on R&D and Innovation in the Pharma-MedTech Sector in India' and the PRIP scheme represent a watershed moment in India’s journey towards global leadership in healthcare innovation. By weaving together regulatory reforms, investment incentives, targeted funding and a vibrant ecosystem, India can unlock the untapped potential of its scientific community, nurture breakthrough solutions that transcend borders and elevates its stature to a global innovation hub for pharma and MedTech, said the Biocon chief.