The Central Government has unveiled a scheme for the promotion of research and innovation in the pharma-medtech sector, with an allocation of Rs.5,000 Cr.
The scheme was notified by the Department of Pharmaceuticals on August 17, 2023. It envisages the setting up of seven Centres of Excellence at NIPERs and providing financial assistance to startups, MSMEs, etc. for conducting research in areas such as new chemical entities, complex generics including biosimilars, medical devices, stem cell therapy, orphan drugs, anti-microbial resistance etc. The press release dated September 26, 2023, specifies that the scheme would facilitate effective collaboration between the private sector and government institutes, help in develop affordable medicines and other solutions, and also increase the sector’s revenue and create employment opportunities.
At the launch event, Dr. Mansukh Mandaviya, the Minister of Health and Family Welfare and Minister of Chemical and Fertilizer, highlighted that strengthening the country’s research and development infrastructure was the only way to achieve self-reliance in pharmaceuticals and medical devices. He stated that this would enhance access to life-saving medicines and drugs. He added, “We need to make policies, new products and new research according to the needs of our country and the world, in consultation with industries and academia. We should become so independent that we should not be dependent on anyone for our critical needs.”