The Indian government is considering implementing reforms to the regulatory framework for the medical technology (MedTech) and pharmaceutical sectors, as revealed by Niti Aayog member (Health), VK Paul, during an Assocham event. The intended changes are intended to bring the regulatory framework into line with rapidly developing technical innovations and global norms. VK Paul highlighted the need for current legislation to be updated to reflect the evolving healthcare and pharmaceutical landscapes and the rapid improvements in the MedTech and pharma industries.
The Government of India is committed to implementing the essential regulatory adjustments in these businesses, as evidenced by the fact that the senior scientific adviser is guiding discussions about potential regulatory tweaks. VK Paul emphasized the value of bringing industry stakeholders into the reform process by highlighting the importance of adopting industry inputs. Ensuring that the regulatory framework continues to support growth, innovation, and technological advancement is the goal.
Paul agreed that the current regulatory framework may use some work, especially in relation to cutting-edge technologies like gene and cell therapies and integrated systems for individualized healthcare. He emphasized the significance of having a framework for regulations that is adaptable enough to support innovation and new technology. In addition to helping the sector, a strong and updated regulatory framework will also boost people’s access to and quality of healthcare services.
Paul also touched on the necessity of increasing India’s exports in keeping with the government’s goal of having the country developed by 2047. India hopes to rise to prominence as a major worldwide supplier of pharmaceutical and medical goods by raising regulatory requirements. He stressed the significance of the nation emerging as a major innovator and producer of new technologies in the MedTech industry, in addition to being the largest market for diagnostics.
Paul brought up “Medtech Mitra,” a project that the Indian Council of Medical Research (ICMR) had started. This initiative seeks to assist and guide the MedTech industry on a technical level. It is a component of the larger initiative to encourage creativity, close knowledge gaps, and establish favorable conditions for the medical technology sector.
The government’s determination to promote innovation and establish India as a center for pharmaceutical and medical technology is reflected in the regulatory changes being contemplated for the pharmaceutical and MedTech industries. The government hopes to boost India’s standing in the international healthcare arena and enhance healthcare results through these programs.
SOURCE :
ECONOMIC TIMES
