Sign In
Learn bits
Economy
Mahesh

27/09/23 06:43 AM IST

National Policy on Research and Development and Innovation in Pharma-MedTech Sector in India

In News
  • Union Health Minister Dr Mansukh Mandaviya recently launched the National Policy on Research and Development and Innovation in Pharma-MedTech Sector in India.
Policy Guidelines
  • Indian pharmaceutical industry is the 3rd largest pharmaceutical industry in the world by volume with current market size of around USD 50 Billions.
  • The industry could potentially grow to USD 120-130 Billion over the next decade; one of the key drivers for this growth to be expansion of the industry’s presence in the innovation space.
  • The police had been drafted to Catalyse R&D and Innovation in the Pharma MedTech Sector in India’ has been prepared to encourage R&D in pharmaceuticals and medical devices and to create an ecosystem for innovation in the sector in order for India to become leader in drug discovery and innovative medical devices through incubating an entrepreneurial environment.
  • 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.
  • It is also proposed to set up an Indian Council of Pharmaceuticals and Med-tech Research and Development to facilitate and promote collaboration among industry, academia and research institutions across Departments, promoting domestic and international collaboration in R&D in Pharma Med-tech sectors.
  • The policy will lead to higher contribution in the GDP of the 5 Trillion economy; 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.
Source- PIB

More Related Current Affairs View All

12 Nov

Population decline

' The Chief Ministers of both Andhra Pradesh and Tamil Nadu expressed concerns about the low fertility rates in their States recently.' Andhra Pradesh Chief Minister N. Chandrab

Read More

12 Nov

COP 29

'As the COP29 summit begins in Baku, Azerbaijan, terms such as New Collective Quantified Goal (NCQG), the Paris Agreement, Kyoto Protocol, loss and damage, and Nationally Determine

Read More

12 Nov

Lignosat, the first wooden satellite launched into space

'The world's first wooden satellite LignoSat built by Japanese researchers was launched into space in an early test of using timber in lunar and Mars exploration.' LignoSat&rd

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps