National Policy and Scheme for Pharma-MedTech Innovation

• 27 Sep 2023

On 26^th September, 2023, the Union Government introduced the National Policy on Research and Development and Innovation in Pharma-MedTech Sector in India, alongside the Scheme for promoting Research and Innovation in the same sector.

Key Points

• Historic Day for Pharma & MedTech: Health Minister emphasizes the need to shift from a cost-based to innovation-based industry in Pharma & MedTech, marking a significant moment in India's journey toward self-reliance.
• A Transformative Stage: The new scheme aims to position India as a high-volume, high-value player in the global pharmaceutical market, focusing on quality, accessibility, and affordability.
• Key Highlights of National Policy on Research and Development: Focus on creating a regulatory environment conducive to innovation and research, expanding beyond safety and quality.
• Incentives for private and public investment in innovation through fiscal and non-fiscal measures.
• Establishment of an enabling ecosystem to support innovation and cross-sectoral research.
• Key Highlights of Promotion of Research and Innovation in Pharma MedTech Sector (PRIP): Aimed at transforming the pharmaceutical sector by strengthening research infrastructure.
• Encourages industry-academia collaborations in priority areas, including New Chemical Entities, Complex generics, medical devices, stem cell therapy, orphan drugs, and Anti-microbial resistance.
• Development of research infrastructure and promotion of industry-academia linkages for R&D.

Benefits of PRIP Scheme

• Development of a world-class research atmosphere at NIPERs and other institutes.
• Promotion of industry-academia collaborations, fostering innovation.
• Focus on priority areas to bolster India's position in the global pharmaceutical market.
• Acceleration of revenue growth and job creation in the pharmaceutical sector.
• Development of affordable healthcare solutions, reducing the healthcare burden.