In order to advance up the value chain and take the lead globally in the industry, the local pharmaceutical industry must concentrate on the research and development of novel goods, according to Union Minister Mansukh Mandaviya on Tuesday. The medical technology companies were instructed to develop essential equipment in India for the international markets by the Union Health Minister, who also oversees the Chemical and Fertilizers Ministry.
Mandavya said that domestic pharmaceutical companies invest less in R&D than global corporations when he officially unveiled the National Policy on Research & Development and Innovation in the Pharma-Med Tech Sector here.
“International MNCs spend 20-25 per cent of their profits in research and innovation while for Indian companies the average is around 10 per cent…Till the time we do not come out with research-led innovative products, we cannot lead the segment globally,” he noted.
By 2047, he claimed, the government wants the pharmaceutical sector to be self-sufficient. Mandaviya urged the pharmaceutical industry to put more effort into creating high-quality products than merely more of them. He claimed that in order to transform the domestic pharmaceutical industry and position it as a leader, the government has been collaborating closely with business and academia. The National Policy on Research & Development and Innovation in the Pharma-Med Tech Sector in India was announced by the Department of Pharmaceuticals (DoP) in August of this year.
The goal of the policy is to promote research and development in pharmaceuticals, including conventional drugs, phytopharmaceuticals, and medical devices. In order to maintain global competitiveness, it acknowledges the need to place more emphasis on promoting R&D through locally developed products and technologies throughout the value chain. The Scheme for Promotion of Research and Innovation in Pharma MedTech Sector (PRIP), which aims to shift the domestic pharmaceutical and medical technology sector from cost-based to innovation-based growth by bolstering the nation’s research infrastructure, was also formally unveiled by the Ministry of Chemicals and Fertilizers.