Govt to introduce incentive scheme to boost R&D by pharma industry: DCGI Somani

The Centre is all set to introduce a research linked incentive programme shaped on the lines of the production linked incentive PLI scheme to boost research and development of biotech products in the country said Drugs Controller General of India Dr V G Somani on FridayPLI scheme aims to give companies incentives on incremental sales from products manufactured in domestic unitsSomani was speaking on the first day of the 72nd Indian Pharmaceutical Congress in Nagpur The threeday event will cover various issues related to the pharmaceutical industry academia and community pharmacy and will be attended by delegates from India and abroadAlso read Wrestlers protest BJP leaders tore Beti Bachao Beti Padhao slogan to shreds says Krishna PooniaThe accomplishments of the Indian pharmaceutical sector during the COVID years were a huge boon for society said Somani who heads Indias apex drug regulatory agency Central Drugs Standard Control Organization CDSCOFirstly the urgency to identify the virus coronavirus and secondly to develop vaccine medicines and diagnostics for COVID19 was not an ordinary challenge But with the encouragement from Prime Minister Narendra Modi the Indian pharmaceutical industry accepted this challenge and successfully developed the vaccine that not only saved millions of lives in India but also in several other parts of the globe said SomaniUnderscoring the importance of policy reforms innovation and research and development he said the government has taken several initiatives to aid innovative research and establish appropriate ecosystemsTo enhance the capabilities of the domestic pharma industry and help it establish itself in the global market Somani said the Centre is all set to introduce a research linked incentive RLI scheme shaped on the lines of the PLI programme to cover RampD costs for biotech productsSomani said the pharma industry has experienced numerous regulatory developments and several pharmaceutical companies are rethinking their regulatory approval and drug development strategiesIntroduction of new Indian Pharmacopoeia 2022 and several amendments in rules for drugs and medical devices have been done to establish a dynamic pathway for ensuring patient safety while encouraging the growth of the sector he saidThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever