How R&D is essential for growing manufacturing business in India

The R&D department plays a crucial role in heightening the manufacturing of pharmaceutical products in the market. Growth for the Indian pharmaceutical industry is performing an excellent job over the last few years. India achieved a dominant position in the global market of the pharma industry. Well, Neuracle Lifesciences is the Neuropsychiatry PCD Pharma Franchise and Pharma Franchise Companies are playing an essential role in it.

However, recently an huge changes has been seen in R&D Manufacturing Business in India. That the India plans to invest Rs 1,100 crore (US$ 170.59 million) to expand its research and development center in Bengaluru, which would be the largest such center outside the US.

Actions Taken By the Government -  R&D Department

• In November 2019, Cabinet approved the extension/renewal of the extant Pharmaceuticals Purchase Policy (PPP) with the same terms and conditions while adding one additional product namely, Alcoholic Hand Disinfectant (AHD) to the existing list of 103 medicines till the final closure/strategic disinvestment of the Pharma CPSUs. Under Budget 2020-21, allocation to the Ministry of Health and Family Welfare is Rs 65,012 crore (US$ 9.30 billion).

• The government has allocated Rs 34,115 crore (US$ 4.88 billion) towards the National Health Mission under which rural and urban people will get benefited. Rs 6,400 crore (US$ 915.72 million) has been allocated to the health insurance scheme Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY).

• As per Economic Survey 2018-19, government expenditure (as a percentage of GDP) increased to 1.5 percent in 2018-19 from 1.2 percent in 2014-15 for health. In October 2018, the Uttar Pradesh Government announced that it will set up six pharma parks in the state and has received investment commitments of more than Rs 5,000-6,000 crore (US$ 712-855 million) for the same. The National Health Protection Scheme is the largest government-funded healthcare program in the world, which is expected to benefit 100 million poor families in the country by providing a cover of up to Rs 5 lakh (US$ 7,723.2) per family per year for secondary and tertiary care hospitalization. The program was announced in Union Budget 2018-19.

• In March 2018, the Drug Controller General of India (DCGI) announced its plans to start a single-window facility to provide consents, approvals, and other information. The move is aimed at giving a push to the Make in India initiative. The Government of India is planning to set up an electronic platform to regulate online pharmacies under a new policy, in order to stop any misuse due to easy availability. The Government of India unveiled 'Pharma Vision 2020' aimed at making India a global leader in end-to-end drug manufacture. Approval time for new facilities has been reduced to boost investments.

• The government introduced mechanisms such as the Drug Price Control Order and the National Pharmaceutical Pricing Authority to deal with the issue of affordability and availability of medicines

Conclusion 

Well, Neuracle Lifesciences is a leading pharmaceutical company that deals in the manufacturing and supply of pharmaceutical products. The R&D department of the company is the foundation of its success in the pharma market. The company believed that innovations lead a company to achieve new altitudes in the pharma market. The R&D team consistently giving its contribution to upgrading the company with all the exclusive and latest trends. A team of experts keeps an eye on every moment of the pharma industry. If you are thinking to join the pharma industry then collaborate with Neuracle Lifesciences.