The Ministry of Chemicals and Fertilizers (MoCF) on August 18, 2023, issued the National Policy on Research & Development and Innovation in the Pharma-Med Tech Sector in India to achieve Atmanirbharata in Pharma- MedTech sector through measures to accelerate R&D and innovation.
The main objective of the scheme is as follows:
• To enable rapid drug discovery and development and innovation in medical devices by streamlining of regulatory processes;
• To incentivize private sector investment in research and explore various funding mechanisms – Budgetary support, Venture capital, CSR funding, etc. and fiscal incentives to support innovation;
• To strengthen the R&D ecosystem through increased collaboration between Industry and Academia;
• To enable coordination among the existing policies and programs of various departments/ agencies/institutes in order to develop mechanisms to dovetail research as per the requirement of the sector; and
• To facilitate the rapid development and availability of innovative drugs and medical devices in India.
Kindly find the detailed policy in the document.
[Notification No. 50020/5/2020-NIPER (R&D)]
