Context: The Centre will soon unveil a new Research & Development (R&D) policy to boost drug discovery and the manufacture of medical devices in the country.
Details:
Numerous production-linked incentives are also on the anvil.
The government proposes to set up three major manufacturing parks including one in Hyderabad, with an investment of ₹1,000 crores each to help drive import substitution of basic raw materials, active pharmaceutical ingredients (API) and the making of medical devices.
There had to be renewed focus on bringing together research institutions, academia and the industry to identify new chemicals, update processes and discover new drug delivery systems.
Current approval processes were archaic and that there was a dire need to strengthen institutions and recognise scientists’ role in new discoveries, and to help them commercialise the projects. So, they too can ‘become millionaires’.
The Centre has so far received 13 requests for setting up the bulk drug parks.