BioVoice News June 2016 Issue 2 Volume 1 - Page 15

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 15