New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    Which key focus areas are highlighted in the National

    Policy on Research and Development and Innovation in the Pharma-MedTech Sector?
    A Enhancing the global market share of the Indian pharmaceutical industry Correct Answer Incorrect Answer
    B Allocating Rs 5,000 crore for research and development Correct Answer Incorrect Answer
    C Strengthening the regulatory framework, incentivizing innovation, and enabling an innovation ecosystem Correct Answer Incorrect Answer
    D Establishing Centres of Excellence (CoEs) and promoting research in priority areas Correct Answer Incorrect Answer
    E Encouraging collaboration between pharmaceutical companies, research institutions, and start-ups Correct Answer Incorrect Answer

    Solution

    The Union Cabinet has given the green light to the National Policy on Research and Development and Innovation in the Pharma-MedTech Sector. This decision is accompanied by the approval of the Scheme for Promotion of Research and Innovation in Pharma-MedTech Sector (PRIP), with a substantial allocation of Rs 5,000 crore for a five-year period spanning from FY24 to FY28. The scheme was rolled out earlier this month by the government with the belief that the Indian pharmaceutical industry has the potential to increase its current 3.4 per cent share of the global market to 5 per cent by the year 2030. The National Policy focuses on three key areas: strengthening the regulatory framework, incentivising investment in innovation, and enabling an ecosystem for innovation and research. The policy aims to accelerate drug discovery and development, foster collaboration between industry and academia, and streamline existing policies to optimise research resources. The PRIP scheme, with an allocation of Rs 5,000 crore, focuses on two components: the establishment of Centres of Excellence (CoEs) within existing institutions to strengthen research infrastructure, and promotion of research in priority areas. The scheme is set to stimulate collaboration between pharmaceutical companies, research institutions, and start-ups.

    Practice Next