The launch of a national policy on research and development and innovation in the pharma-med-tech sector and the PRIP scheme will be an important step towards strengthening India’s position as a global player in the pharmaceutical and medical technology industries.
Dr. Mansukh Mandaviya, Union Minister for Chemicals and Fertilizers and Minister of Health and Family Welfare, Government of India, is to inaugurate the National Policy on Research and Development and Innovation in the Pharma-Med-Tech Sector in India.
The landmark event scheduled for tomorrow at the India International Center will also witness the launch of the Scheme for Promotion of Research and Innovation in the Pharma-Med-Tech Sector (PRIP). He will be accompanied by Union Minister of State for Chemicals and Fertilizers and Renewable Energy Bhagwant Khoba and Niti Aayog member Dr VK Paul.
The Department of Pharmaceuticals is organizing this important gathering, which promises to shape the future of the pharmaceutical and medical technology industries in India.
A national policy on research and development in the pharma-med-tech sector has the potential to drive the sector’s growth to an impressive USD 120-130 billion over the next decade. The ambitious target aims to increase the sector’s contribution to the country’s gross domestic product (GDP) by around 100 basis points. The policy itself is based on a commitment to promote research and development in pharmaceuticals, including traditional medicines and phyto-pharmaceuticals, as well as medical devices.
One of the fundamental principles of the policy is to recognize the fundamental need to promote research and development through the creation of innovative products and technologies within India. It sets out three key focus areas: strengthening the regulatory framework, encouraging investment in innovation, and creating an enabling ecosystem to foster innovation.
The event will not only be graced by the presence of important government figures but will also see the active participation of various dignitaries representing various aspects of the healthcare sector. It includes policy makers, experts, representatives of academia, think tanks, industry leaders and members of the media.
The main objectives of the meeting were to shed light on India’s current trends in drug and pharmaceutical exports, disaggregate export shares category-wise, explain the rationale and need for the policy, state its objectives, focus areas for these objectives. To review. and clarify monitoring and evaluation mechanisms to ensure its successful implementation.
As the world grapples with ongoing health challenges, these initiatives promise not only to spur innovation but also ensure access to advanced healthcare solutions for millions of people.
First Published: 25 Sep 2023, 21:29 IST
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