The Centre is set to release the National Policy on Research and Development in pharmaceuticals and medical devices technology on September 26, News18 learnt.
Finance Minister Nirmala Sitharaman had announced the new programme in the budget session this year to promote research and innovation in pharmaceuticals.
In July, the Cabinet approved the National Policy on Research & Development and Innovation in the Pharma-MedTech Sector and the Scheme for Promotion of Research and Innovation in Pharma-MedTech (PRIP). The schemes with a total outlay of Rs 5,000 crore for a period of five years till 2028 were approved.
While one scheme aims to boost innovation by creating an enabling environment, the PRIP aims to support the industry via financing options. Launching a scheme to boost innovation in medicines and devices was a long-pending move.
The newly designed scheme focuses on six broad areas – new chemical entities, including biological and phytopharmaceuticals, complex generics and biosimilars, precision medicines such as gene therapy and stem cells, medical devices using artificial intelligence and machine learning, orphan drugs and anti-microbial resistance.
The Department of Pharmaceuticals, under the Ministry of Chemicals and Fertilizers, has started sending out invites for the event next week executed by the industry lobby Federation of Indian Chambers of Commerce & Industry (FICCI).
According to the invites, Union Health and Chemicals & Fertilizers’ Minister Mansukh Mandaviya will inaugurate the event. The event will also be attended by VK Paul, member, of NITI Aayog, and Bhagwanth Khuba, minister of state for chemicals-fertilisers, and new and renewable energy.
As per the estimates of the Ministry of Chemicals and Fertilizers – the parent ministry of the Department of Pharmaceuticals – the policy will create a pool of white-collar jobs to enhance India’s differentiation in comparison to other developing economies. It will also boost pharma exports by an additional $12 billion every year.
“In several developed countries, big pharma companies invest more than or around 25% of their revenues on research and development. However, in India, pharma companies invest only around up to 8%… The reason is our public health approach due to which they are unable to fix high margins on their products, hence low revenue generation,” Mandaviya said in a press briefing in August while discussing the R&D policy.
“This shows that these companies need financial support and this policy is the answer to all their concerns and limitations.”
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