The Ministry of Chemicals and Fertilizers has launched initiatives to nurture Innovation, research, and development in the Medical and Pharmaceutical sectors.
These Initiatives are
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 (PRIP).
Indian pharmaceutical industry is the 3rd largest pharmaceutical industry in the world by volume with current market size of around USD 50 Billions.