11 Sep 2023
The Government of India (GoI) has focused on encouraging manufacturing in India and introducing innovative technologies. It has been instrumental in encouraging industries to ‘Make in India’ for domestic consumption and the world at large. The GoI has been regularly taking policy and regulatory interventions to help the industry manufacture and innovate in India. The AtmaNirbhar Bharat initiative, Production Linked Incentive Schemes, National Medical Device Policy, and New Drugs and Cosmetics Act (Draft) are examples of such initiatives. Taking forward this approach, the GoI last month announced the Promotion of Research and Innovation in Pharma-MedTech (PRIP) Scheme 2023. Under this scheme, the GoI has allocated USD 600 million over a five-year span for research and innovation activities in the field of Pharmaceuticals and Medical Devices.