New Delhi [India], September 25 (ANI): Dr Mansukh Mandaviya, Union Minister of Chemicals and Fertilisers and Minister of Health and Family Welfare will launch the National Policy on Research and Development and Innovation in Pharma-MedTech Sector in India and Scheme for promotion of Research and Innovation in Pharma MedTech Sector, said an official statement on Monday.

The National Policy on Research and Development in the Pharma-MedTech Sector in India can potentially help in growing the sector to USD 120-130 Billion over the next decade, increasing its contribution to the GDP by about 100 basis points. The policy aims to encourage RD in pharmaceuticals, including traditional medicines and phytopharmaceuticals and medical devices, added the statement.

The policy acknowledged the need for greater emphasis on encouraging RD, through indigenously developed cutting-edge products and technologies upon three focus areas, namely, strengthening the regulatory framework, incentivising investments in innovation and creating a facilitatory ecosystem for Innovation, as mentioned in the official statement.

The event will have the presence of Bhagwanth Khuba, Union Minister of State for Chemicals and Fertilisers and Renewable Energy and Dr V.K. Paul, Member, NITI Aayog. The event will be organised by Department of Pharmaceuticals tomorrow at India International Centre, added the statement.

Apart from that event will see active participation from other dignitaries, including policymakers, experts from the healthcare sector along with representatives from academia, think tanks, industry and media, read the official statement further.

This gathering aims to highlight India's drug and pharmaceutical export trend, India's category-wise export share, the preamble, need for the policy, its objectives, focus areas of the objectives and monitoring and evaluation mechanism. (ANI)