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September 26, 2023 07:35 pm | Updated 08:09 pm IST - NEW DELHI
The Indian pharmaceutical and med-tech sectors need to be transformed from a cost-based to a value and innovation-based industry, Union Minister for Chemicals and Fertilizers Mansukh Mandaviya said on September 26.
Mr. Mandaviya was speaking at the launch of the National Policy on Research and Development and Innovation in Pharma-MedTech Sector and the Scheme for Promotion of Research and Innovation in Pharma-MedTech Sector (PRIP).
Speaking about the benefits of the scheme, the Minister said it would focus on transforming India into a high-volume, high-value player in the global market of pharmaceuticals, meeting the quality, accessibility, and affordability goals.
It will transform India's MedTech sector by making it an innovation-driven powerhouse & nurture a culture of high-quality research & innovation.
The initiative will take India's Pharma MedTech sector from a cost-based to a value-based & innovation-based path.
“The policy will help to create an ecosystem of skills and capacities including the academia and the private sectors and give impetus to new talent among the youth through start-ups,” he said.
It will also enhance India’s share in the global value chain, the Minister said.
He said India needed to do mass production of pharmaceutical products and medical devices, and for this “we have made three bulk drug parks in Himachal Pradesh, Visakhapatnam and Gujarat and four medical device parks in Himachal Pradesh, Uttar Pradesh, Madhya Pradesh and Tamil Nadu, which will help in strengthening this sector”.
Emphasising the importance of the scheme, the Minister said India can only achieve self-reliance in pharmaceuticals and medical devices by strengthening its research and development infrastructure that would drive the expansion of access to life-saving medicines and drugs and help India become a global pharmaceuticals and medical exports hub.
”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,” he added.
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