Govt launches Rs 5K cr R&D scheme for pharma, medtech

September 27, 2023
News
1 mins read

Source: Deccanherald

Union Health Minister Mansukh Mandaviya said the domestic pharmaceutical companies invested less on research and development when compared to multinational companies.

The Centre on Tuesday launched a Rs 5,000 crore scheme to promote R&D in the pharmaceuticals and medical technology sectors including a programme to fund more than Rs 1100 crore in nine pharma companies for carrying out research in six priority areas.

In addition, the scheme will entail spending Rs 3,000 crore to commercialise 30 R&D products and opening up seven Centres of Excellences on pharmaceutical research in existing National Institutes for Pharmaceutical Education and Research.

Unveiling the National Policy on Research & Development and Innovation in the Pharma-Med Tech Sector here, Union Health Minister Mansukh Mandaviya said the domestic pharmaceutical companies invested less on research and development when compared to multinational companies.

“Multinational companies spend 20-25% of their profits in research and innovation while for Indian companies the average is around 10%. Till the time we don’t come out with research-led innovative products, we cannot lead the segment globally,” said Mandaviya, who is also in charge of the Department of Pharmaceuticals, while unveiling a new policy to support the scheme. Nine established pharma companies willing to carry out research in six priority areas will be selected by the government to implement the programme.

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