Dr Mansukh Mandaviya, Union Minister of Chemicals and Fertilisers and Minister of Health & Family Welfare, Government of India will launch the National Policy on Research and Development and Innovation in Pharma-MedTech Sector in India and Scheme for promotion of Research and Innovation in Pharma MedTech Sector (PRIP) in the presence of Bhagwanth Khuba, 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 Department of Pharmaceuticals tomorrow at India International Centre.
The National Policy on Research and Development in the Pharma-MedTech Sector in India can potentially help in growing the sector to USD 120-130 Billion over the next decade, increasing its contribution to the GDP by about 100 basis points. The policy aims to encourage R&D in pharmaceuticals, including traditional medicines & phytopharmaceuticals and medical devices. The policy acknowledged the need for greater emphasis on encouraging R&D, through indigenously developed cutting-edge products and technologies upon three focus areas, namely, strengthening the regulatory framework, incentivising investments in innovation and creating a facilitatory ecosystem for Innovation.
The event will see active participation from other dignitaries, including policymakers, experts fro the healthcare sector along with representative from academia, think tanks, industry and media. This gathering aims to highlight the India’s drug and pharmaceutical export trend, India’s category wise export share, the preamble, need for the policy, its objectives, focus areas of the objectives and monitoring and evaluation mechanism.