India committed to promoting Research and Innovation in the Pharmaceutical Sector

Oct 21,2023

The last four decades beginning from 1990, have seen India transform from a drug-importing country to a drug-exporting one, having now earned the title of the "Pharmacy of the World”. The recent announcement of the PRIP (Promotion of Research & Innovation Program) Scheme with a substantial INR 5,000 Crore fund demonstrates the government's commitment to incentivising funding for innovation.

This program is designed to encourage collaboration among pharmaceutical companies, government research institutions, and start-ups, promoting a dynamic ecosystem for pharmaceutical R&D. The medical technology sector, particularly devices and diagnostics, have suddenly occupied a coveted position with extraordinary requirements for medical aids and a consumption of diagnostics never seen in the past. Several significant trends have emerged both in the global scenario and the local context, which are bound to impact the sector and eventually lead to the massive overhauling of many crucial elements.There is an increase on the side of the demand as we slowly move towards an ageing population, which medical innovation can take care of. Developing countries are making closer global linkages for an affordable and achievable population’s health. The Indian pharmaceutical industry is poised for growth, and this must be done by moving towards original research and innovations, without losing sight of generics.

It has been discussed repeatedly that drug research is a lengthy process and clinical trials have high failure rates, however, the advancements of AI/ML and data analytics hold promise for shortened timelines, and lesser failures. A tectonic shift towards biologics, personalised and precision medicine is visible on the horizon. This necessitates a need for consistent investment in research and development. A constant dialogue between industry and academia is also necessary, where the very workforce that we consider an asset while manufacturing drugs, is being skilled must be made innovative product ready. This skilling must be made focussed towards industry needs and the preliminary research has also to emerge from academic institutions. Funding of research which has preliminary proof of concept will give the industry, more confidence in investing. CSR activities as per Section 135 of the Company Act 2013 permit that an industry can invest in skilling which could be through a specialised lab or contribution to incubators or R&D projects. This could be of mutual advantage to academia as well as the industry.

Source: Pharma