complexity in the business
environment and put a transparent
and seamless ecosystem in place.
These steps have already starting
yielding results and we can see large
investments getting committed both
by foreign and domestic investors.
The sector is also looking at the era of
complete digitization to facilitate the
objective of minimum government
and maximum governance.
Much appreciated schemes being
implemented in the respective
verticals include Mudra Yojna, Fasal
Bima Yojna, Soil Health Card, Make
in India and Swachch Bharat. Other
plans also comprise Digital India,
Skill India, Mission Indradhanaush,
Start up and stand up India.
The government’s emphasis on five
key building blocks including the
policy reforms, procedural reforms,
global outreach, devolution of power
to states and a clear ambition have
helped India move on to a higher and
a sustainable growth trajectory.
Government’s balanced approach
towards policy reforms has been
commendable with due weight being
given to addressing both economic
and social challenges. Creation of
meaningful livelihood opportunities
remains a top priority and this in fact
has been central to the major
campaigns (Make in India, Skill
India, Digital India, Standup India
Startup India) initiated by the
government.
Next few years crucial for
India story
The Indian government has taken
several initiatives to create conducive
environment for the protection of
intellectual property rights of
innovators and creators by bringing
about changes at legislative and
policy level. In addition, specific
focus has been placed on improved
service delivery by upgrading
infrastructure, building capacity and
using state-of-the-art technology in
the functioning of intellectual
property offices in the country. This
measure has resulted in sweeping
changes in IP administration within
the country.
The absence of a separate regulatory
framework is one of the biggest
challenges facing the medical
technology industry in India.
Presently, medical devices are
governed by the Drugs and Cosmetics
Act, 1940 and Drugs and Cosmetics
Rules, 1945. The current regulatory
structure has its own barriers and
limitations such as complex rules and
guidelines, high capital investment,
lack of active participation from the
government and low penetration.
Being regulated by similar framework
as for drugs, medical devices
companies feel restricted and overregulated. Establishing a separate
regulatory body for medical devices
will create a clear
ownership within
the government
to push the
medical devices
agenda as well as
promote growth
for the sector.
The critical policy
and regulatory
support are still
not in place to
translate good
intentions into
ground reality.
All the above
factors are also
linked to the
bioscience sector
in one way or the
other. The
decisiveness of
the government
on unlocking few old bottlenecks will
help in opening not only the
unexplored possibilities but end the
unending stalemate. The Modi
government has to make sure that
it remains firm on its foot and go
with the flow. The next three years
will determine the future of the
next few decades.
BIOVOICENEWS.COM
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