Fostering R&D and innovation in pharma and medtech sector
The pharmaceuticals and MedTech sectors in India play a pivotal role in both economic growth and public health. These industries are vital for India’s self-reliance and for meeting global demands
In order to encourage R&D in pharmaceuticals and medical technologies, and create an ecosystem for innovation in this segment, the central government has recently launched two complementary initiatives, namely, the National Policy on Research & Development and Innovation in the Pharma-MedTech Sector, and the scheme on Promotion of Research and Innovation in Pharmaceuticals and Medical Device (PRIP).
‘National Policy on R&D and Innovation in the Pharma Med-Tech Sector in India’ :
The objective of the scheme is to transform the Indian Pharma MedTech sector from cost-based to innovation-based growth. The policy serves as a blueprint to drive discovery and development of new drugs, vaccines, diagnostics and devices.
It encourages collaboration and aims to elevate India’s status as a global hub for cutting-edge healthcare solutions by creating a conducive ecosystem for innovation through stronger infrastructure, cross-sectoral research, enhanced public and private investments, and a streamlined regulatory framework.
Promotion of Research and Innovation in Pharmaceuticals and Medical Device (PRIP)
The PRIP scheme will provide Rs 5,000 crore over 5 years to support research and development in India’s Pharma-MedTech sector. It will create seven centres of excellence at NIPERs and fund projects in priority areas, helping established companies, expediting research projects, and aiding startups. The goal is to encourage innovation, collaboration, and growth in the sector.
The scheme has two components :
- Component A: Focuses on improving research infrastructure by establishing seven centres of excellence (CoEs) at National Institutes of Pharmaceutical Education and Research (NIPERs). These CoEs will cover various areas such as drug discovery, medical devices, novel drug delivery systems, with an investment of Rs 700 crore.
- Component B: Aims to fund projects in six priority areas with a budget of Rs 4,250 crore. This includes:
- Support for established pharma companies collaborating with academic institutions.
- Funding for 30 research projects at advanced stages (TRL 5 to TRL 9) to speed up their commercialization.
- Support for about 125 projects to help startups and small to medium-sized enterprises in the early stages of product development (up to TRL 4).
The success of these initiatives hinges on collective efforts from government, industry, academia, and researchers, marking a decisive decade for India’s pharmaceutical and med-tech innovation.