Dr. Mansukh Mandaviya, the Union Minister of Chemicals and Fertilisers and the Minister of Health & Family Welfare for the Government of India, is set to inaugurate the National Policy on Research and Development and Innovation in the Pharma-MedTech Sector in India.
This pivotal event, scheduled for tomorrow at the India International Centre, will also witness the launch of the Scheme for Promotion of Research and Innovation in the Pharma-MedTech Sector (PRIP). Joining him will be Bhagwanth Khuba, the Union Minister of State for Chemicals and Fertilisers and Renewable Energy, and Dr. V.K. Paul, a Member of NITI Aayog.
The Department of Pharmaceuticals is orchestrating this momentous gathering, which promises to shape the future of the pharmaceutical and medical technology industries in India.
The National Policy on Research and Development in the Pharma-MedTech Sector carries the potential to propel the sector's growth to an impressive USD 120-130 billion over the next decade. This ambitious target aims to increase the sector's contribution to the country's Gross Domestic Product (GDP) by approximately 100 basis points. The policy itself is rooted in its commitment to foster research and development in pharmaceuticals, including traditional medicines and phytopharmaceuticals, as well as medical devices.
One of the policy's cornerstone principles is the recognition of the paramount need to promote research and development through the creation of cutting-edge products and technologies within India. It sets forth three pivotal focus areas: strengthening the regulatory framework, incentivizing investments in innovation, and establishing a facilitatory ecosystem to nurture innovation.
This event will not only be graced by the presence of key government figures but will also see active participation from various dignitaries representing different facets of the healthcare sector. This includes policymakers, experts, academia representatives, think tanks, industry leaders, and members of the media.
The primary objectives of this gathering are to shed light on India's current trends in drug and pharmaceutical exports, dissect the category-wise export share, elaborate on the preamble and necessity of the policy, articulate its objectives, delve into the focus areas of these objectives, and elucidate the monitoring and evaluation mechanisms to ensure its successful implementation.
As the world grapples with ongoing health challenges, these initiatives hold the promise of not only fostering innovation but also ensuring access to cutting-edge healthcare solutions for millions of people.
