Dr. Mansukh Mandaviya will launch the National Policy on Research and Development and Innovation in Pharma-MedTech Sector in India and the Scheme for the Promotion of Research and Innovation in Pharma MedTech Sector

The National Policy on Research and Development and Innovation in the Pharma-MedTech Sector in India and the Scheme for Promotion of Research and Innovation in the Pharma-MedTech Sector (PRIP) will be introduced by Dr. Mansukh Mandaviya, the Union Minister of Chemicals and Fertilisers and Minister of Health & Family Welfare of the Government of India, in the presence of Mr. Bhagwanth Khuba, the Union Minister of State for Chemicals and Fertilisers and Renewable Energy, and Dr. V.K. Paul, Member, NITI Aayog. The event will be organised by the Department of Pharmaceuticals on September 26, 2023, at the India International Centre.

The National Policy on Research and Development in the Pharma-MedTech Sector in India has the ability to contribute to the sector's potential growth to US$ 120-130 billion over the following ten years, raising its gross domestic product (GDP) contribution by roughly 100 basis points.

The aim of the policy is to promote research and development (R&D) in medical devices, traditional medicines, phytopharmaceuticals, and pharmaceuticals. The policy acknowledged the need for greater emphasis on promoting R&D through locally developed cutting-edge products and technologies, with three focus areas: strengthening the regulatory framework, encouraging investments in innovation, and developing an ecosystem that facilitates innovation.

Other dignitaries who will actively participate in the event include legislators, healthcare industry professionals, representatives from academia, think tanks, businesses, and the media. This event intends to emphasise India's export trends for drugs and pharmaceuticals, its export share by category, the preamble, the need for the policy, its objectives, the areas on which those goals should be focused, and the monitoring and evaluation mechanism.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.