Health Minister Initiates Pharma-Med Tech R&D Policy to Foster Research and Development

In an upcoming event organized by the Department of Pharmaceuticals, Union Minister of Health & Family Welfare, Dr. Mansukh Mandaviya, is poised to introduce a groundbreaking initiative aimed at revolutionizing the pharmaceutical and medical technology (Pharma-MedTech) sectors in India. This transformative endeavor includes the launch of the "National Policy on Research and Development and Innovation in the Pharma-MedTech Sector in India" and the unveiling of the "Scheme for the Promotion of Research and Innovation in the Pharma MedTech Sector (PRIP)." The event is scheduled to take place at the prestigious India International Centre.

The cornerstone of this initiative, the "Policy to Catalyze R&D and Innovation in the Pharma-MedTech Sector in India," represents an unwavering commitment to fostering Research & Development (R&D) within the domains of pharmaceuticals and medical devices. The overarching objective is to cultivate an environment conducive to innovation, with the ultimate aspiration of positioning India as a global leader in drug discovery and pioneering medical technologies. The policy has been meticulously designed to nurture an entrepreneurial ecosystem that is highly conducive to R&D and innovation.

The multifaceted objectives of this policy are poised to address critical aspects of the Pharma-MedTech landscape in India. Foremost among these objectives is the streamlining of regulatory procedures to facilitate the expeditious discovery, development, and innovation of drugs and medical devices. Additionally, the policy is geared towards identifying mechanisms that will bolster the R&D ecosystem, primarily through fostering closer collaboration between industry stakeholders and academic institutions.

Crucially, this comprehensive policy underscores its commitment to promoting R&D across a wide spectrum, spanning pharmaceuticals, traditional medicines, phytopharmaceuticals, and medical devices. It is acutely aware of the urgent need to accentuate R&D efforts, particularly in the development of cutting-edge products and technologies that originate within India.

An important milestone preceding this initiative was the approval of the PRIP scheme by the Cabinet in August. This strategic move was designed to fortify and invigorate the research and development endeavors of the Indian pharmaceutical industry and academic institutions.

The forthcoming event is poised to be a distinguished gathering, with participation expected from eminent policymakers, healthcare sector experts, representatives from academia, think tanks, industry leaders, and members of the media. The primary goal of this assembly is to shed light on various facets of India's pharmaceutical and medical device export trends, including a detailed exploration of category-wise export shares. Furthermore, it will delve into the preamble, elucidate the necessity of this policy, outline its core objectives, provide insights into the specific focus areas, and elucidate the proposed mechanisms for monitoring and evaluation.