✅Union Minister launched the National Policy on Research and Development and Innovation in the Pharma MedTech Sector.

♻️National Policy on Research and Development and Innovation in Pharma MedTech Sector :

✅The policy is expected to help create an ecosystem of skills and capacities including the academia and the private sectors, and give impetus to new talent among the youth through start-ups.

♻️The three main focus areas according to the policy are :

✅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 will lead to a higher contribution to the GDP; increased exports and forex inflow; increase in global market share; increased drug security and availability; improvement of overall healthcare index and reduced disease burden; creation of high-end jobs in R&D and innovation and opportunity to attract back Indian talent with expertise in R&D and Innovation.

The Minister also launched a scheme for the Promotion of Research and Innovation in Pharma MedTech Sector (PRIP) :

✅The scheme will focus on transforming India into a high-volume, high-value player in the global market of pharmaceuticals, meeting the quality, accessibility, and affordability goals.

♻️Two components of the scheme :

✅Component A: strengthening research infrastructure (establishment of 7 CoEs at NIPERs)

✅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. by providing financial assistance.

♻️Benefits of PRIP :

✅Development of research infrastructure
Promote industry-academia linkages
Strengthen the position of the Indian pharmaceutical industry in the world market

✅Help in launching commercially viable products which will enhance revenue and create employment opportunities

✅Help in the development of affordable, accessible solutions for health concerns reducing the healthcare burden.