Presenting the investment at the Pre-Gujarat Global Vitality Summit in Ahmedabad on Saturday, Union Health Minister Mansukh Mandavia said the Government of India is exploring ways to provide financial support to pharmaceutical companies engaged in research and innovation of new medicines.
This comment from the union minister comes after the industry has stressed the need for financial support on several previous occasions.
“In the coming days, we are working to provide financial support to those companies that are doing research in the new field of medicines. This is being practiced all over the world, and it will be practiced in India as well,” Mandavia said, addressing a crowd of investors, pharmaceutical companies, healthcare professionals and regulators officials in India and abroad: “Business is going in that direction.” “We make generics for the world and are known as the maker of generics. But now we are encouraging research in the country so that we, too, can have our own patented drugs.
The Minister of Health has also asked companies to make innovative and affordable products in both medical spaces and medical devices.
S Aparna, Secretary, Department of Pharmaceuticals, Chemicals and Fertilizers, Government of India, highlighted the importance of advancing the curve by focusing on innovations in the pharmaceutical sector. “I urge delegates to consider the opportunities that lie in India.”
Gujarat Chief Minister Bhupendra Patel appealed to investors in healthcare, pharmaceuticals and medical devices to invest in the state and assured policy support and ease of doing business.
The Summit on Comprehensive Healthcare was also attended by Regulator of India VG Somani, Controller General of Drugs of India (DCGI), Sarah McMullen, Country Director for India, and the US Food and Drug Administration (USFDA) among other leaders in the healthcare field.
Faster and easier access to markets
Mandaviya also mentioned that the government is also working with regulators in different countries to get familiar with the Indian Pharmacopoeia (IP) so as to facilitate hassle-free exports for Indian pharmaceutical manufacturers.
“We are discussing with global regulators to learn about the Indian pharmacopoeia. By mutual agreement, we see that the world is now preparing to recognize the Indian pharmacopoeia. This will benefit our pharmaceutical companies to have faster and easier access to those global markets, which have accepted the Indian pharmacopoeia.”
The Islamic Republic of Afghanistan was the first country to recognize intellectual property in 2019. Intellectual property is an officially recognized standard book in accordance with the Medicines and Cosmetics Act of 1940 and the rules under it 1945.
The Indian Pharmacopoeia sets the standards for medicines manufactured and marketed in India in terms of their identity, purity and potency. The standards are formal in nature and are enforced by the regulatory authorities for quality control of medicines in India.