Page 180 - CW E-Magazine (21-11-2023)

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Affordable, accessible & equitable drive growth and excellence in India’s Along with recent schemes and

access to health coverage pharma sector(4). Recognising the signi- interventions like ‘Make in India’,
The policy exemplifies an unwaver- ficance of FDI, the policy offers clear Ayushman Bharat, ‘Heal-in-India’,
ing dedication to ensuring that quality guidelines and transparent procedures ‘Start-up’ mission, the policy en-
pharmaceuticals are accessible and for foreign investors looking to estab- courages private investments, series
affordable to all, irrespective of their lish or expand operations in India’s of funding from venture capitalists,
socio- economic status. Simultaneously, pharma sector. This promotes techno- and PPP.
it strives to position India as a global logy transfer, knowledge exchange, and Promote Indian pharma exports with

leader in the manufacturing of innova- capital infusion. assistance from Pharmexcil by up-
tive and cost-effective medications, by holding high-quality manufacturing
working on following: The policy recognises that a robust standards and compliance with inter-
Enhance accessibility of essential & pharma ecosystem requires both vision- national regulatory requirements.
quality medicines through penetra- ary ideas and financial resources which It aims to create a favourable envi-

tion of PMBJP kendras in remote it aim to achieve by: ronment that attracts both domes-
areas. Offer a welcoming and conducive tic and international investments,
Digitisation and technology upgra- climate for foreign investors, en- facilitating the infusion of capital
dation in delivery of services & abling them to contribute to the into the industry. It strives to re-
products under Jan Aushadhi Pari- growth and global prominence of duce bureaucratic hurdles, stream-
yojana. India’s pharma industry. These in- line approval processes, and pro-
Ensure access of newer pharma vestments will not only create em- vide financial incentives for R&D.
technologies to the domestic manu- ployment opportunities, but also By fostering a conducive climate
facturing so as to enhance their stimulate innovation, ultimately for investments, it not only enables
capacity and capability to make benefiting the healthcare landscape the expansion and modernisation
essential medications affordable and the economy. of pharma infrastructure, but also
and, thereby, reducing the financial Foster cooperation with foreign encourages collaborations between

burden on patients, thus promoting governments, investors, and finan- academia and industry.
better healthcare outcomes and re- cial institutions to cultivate a
ducing overall healthcare costs. favourable FDI climate by enabling Regulatory harmonisation: Creating
Identifying critical suppliers, de- technology transfer, providing op- conducive regulations including price
risking & decarbonising the supply portunities to invest in Bulk Drug regulation and transparency with
chain, and promoting local sourc- Parks and Medical Device Parks to focus on quality
ing. bolster production capacities, and Regulation, both in approvals and
Ensure accessibility & affordability open avenues for joint partnerships pricing, must be carefully carried out
of patient-centric products for better with National Institutes of Pharma- while ensuring adherence to fair market
healthcare outcomes for universal ceuticals Education and Research transactions, ethical compliances, envi-
health coverage, by building upon (NIPERs). ronmental protection, and maintaining
partnerships across industry, science The policy focuses on the provision appropriate government oversight for

and governments. of appropriate fiscal and non-fiscal meeting international quality standards.
Encourage innovation to reduce incentives for pharma innovations In the case of emerging frontier techno-
production costs, while maintaining by introduction of direct/indirect logies that are disruptive in nature
quality as per international norms. funding support to promote India and constantly evolving, regulatory deve-
as an innovation hub. The interven- lopment must catch up and keep pace
Facilitating access to funding/invest- tions would be in compliance with with the rapid technology development
ments in India multiple treaties with foreign coun- and scientific breakthroughs. At the core
Access to finance is particularly rele- tries wherein inter alia the Govern- of the policy lies the imperative of regu-
vant for pharma industry for product ment of India has committed to non- latory harmonisation – a strategic move
development, validation, and scaling. discriminatory treatment of foreign designed to create an environment that
Under NPP 2023, our strategic focus investments in the country. fosters innovation, ensures affordability,
extends beyond innovation and accessi- Encourage private sector invest- and prioritises transparency within the
bility; it encompasses the vital aspect ment through risk-based financing pharma sector and complements the
of securing funding and investments to and venture capital support. work of National R&D Policy.

180 Chemical Weekly November 21, 2023

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