Recently, Ministry of Chemicals and Fertilizers has launched initiatives,National Policy on Research and Development and Innovation in Pharama MedTech Sector in India and Scheme for promotion of Research and Innovation in Pharma MedTech Sectors(PRIP).
News Jungal Desk: It aims to transform Indian Pharma and MedTech Sectors from a cost based to a value based and innovation based industry.
The scheme will focus on transforming India into high-volume, high-value player in global market of pharmaceuticals , meeting the quality , accessibility and affordability goals. It will also enhance our global share in the global value chain.
National Policy on Research and Development and Innovation in Pharma MedTech Sector:
This policy aims to encourage R&D in Pharamaceuticals, including traditional medicines amd phytopharmaceuticals and medical devices.
It can potentially help in growing the sector to $ 120-130 billion over the next decade, increasing its contribution to the GDP by about 100 basis points.
Scheme for Promotion of Research and Innovation in Pharma Med Tech Sector:
Component A: strengthening the research infrastructure by establishment of 7 Centres of Excellence at National Institutes of Pharmaceutical Education and Research (NIPER).
Component B: Encouraging research in six priority areas like New Chemical Entities , Biosimilars, medical devices. Stem cell therapy, orphan drugs, Anti Microbial Resistance etc.