National Policy and Scheme for Pharma-MedTech Innovation

  • 27 Sep 2023

On 26th 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.