Department of Pharmaceuticals releases guidelines on pharmaceutical innovation and entrepreneurship-2022
New Delhi: With an aim to reach the mark of becoming a five trillion-dollar economy by 2024, the Department of Pharmaceuticals (DoP), Ministry of Chemicals and Fertilizers has recently unveiled common guidelines on pharmaceutical innovation & entrepreneurship-2022.The Policy Guidelines on Pharmaceutical Innovation & Entrepreneurship target to encourage innovation, entrepreneurship,...
New Delhi: With an aim to reach the mark of becoming a five trillion-dollar economy by 2024, the Department of Pharmaceuticals (DoP), Ministry of Chemicals and Fertilizers has recently unveiled common guidelines on pharmaceutical innovation & entrepreneurship-2022.
The Policy Guidelines on Pharmaceutical Innovation & Entrepreneurship target to encourage innovation, entrepreneurship, and creation of, or participation in, spin-offs & start-ups by faculty members/scientists/staff members/trainees/alumni of academic pharmaceutical institutions based on innovative ideas and research output of the former with impactful commercialization of these innovations.
As India is leading to become a five trillion-dollar economy by 2024, it needs to evolve systems and mechanisms to convert the present demographic dividend into high-quality technical human resources capable of doing cutting-edge research and innovation and deep-tech entrepreneurship.
The "National Innovation and Entrepreneurship Policy 2019" is a guiding framework towards start-ups and entrepreneurship opportunities. The policy will be building a strong ecosystem for nurturing creativity and entrepreneurial abilities amongst the youth as well as creating a conducive environment for entrepreneurial projects. As required, technological institutions may have a key role to play in this ecosystem. Fostering such innovations will lead to innovation-driven growth, sustainable employment creation and equitable economic development. The vision behind the initiative is to facilitate the engagement of pharmaceutical professionals in innovation and entrepreneurship which will drive sustainable economic growth. Innovation and entrepreneurship have emerged as one of the key points of the higher education system with a focus to give impetus to overall economic development for realizing the vision of self-reliant India (Atmanirbhar Bharat).
The guidelines provide ways to Indian Higher Education Institutes (HEIs) for developing entrepreneurial agenda, managing Intellectual Property Rights (IPR) ownership, technology licensing and equity sharing in Start-ups or enterprises established by faculty and students. In India, innovation is still not the epicentre of education. In order to achieve the cultural and attitudinal shift and to ensure that 'Innovation and Start-up' culture is the primary fulcrum of our higher education system, a policy framework and guidelines are the need of this hour. These guidelines will enable institutions to actively support their faculty, staff and students to participate in innovation and entrepreneurship (I&E) related activities, thus encouraging students and faculty to consider start-ups and entrepreneurship as a career option. Moreover, these guidelines will facilitate the Department of Pharmaceuticals in potentiating innovation and entrepreneurship, precise IPR ownership management, technology licensing and institutional start-ups policy, thus enabling the creation of a robust innovation and Start-up ecosystem across all HEIs. These guidelines will also help emphasize that entrepreneurship is all about creating a business, which is financially successful and serving mankind in a true sense.
Several important initiatives have been taken by the Government at the national, state and institutional levels that focus on supporting inventions, innovations, entrepreneurship and start-ups in higher educational institutions. e.g. Start-up India, Atal Innovation Mission (AIM), Scheme for Facilitating Start-ups Intellectual Property Protection (SIPP) by DPIIT etc. These initiatives have already started bearing fruits as demonstrated by the commercialization of socially impactful innovations. Several policies of the Government of India and its agencies continue to promote the involvement of faculty at educational institutions towards entrepreneurship-related activities.
Successful commercialization of academic research is the key to its social impact, however, this translation into clinical impact cannot be fulfilled by the academic institutes alone. To accomplish this, an institute needs help from diverse areas of expertise. Therefore, the necessity to develop a suitable mechanism through policy intervention for promoting inter-disciplinary research is of paramount importance in the current context.In pharmaceutical research leading to IP and thus entrepreneurship, pharmaceutical professionals/scientists play a pivotal role for success as they possess deep and meaningful involvement throughout the innovation cycle. Their role is vital not only in the identification of unmet clinical/therapeutic needs but also to position and support the innovation during various stages of its development.
Vision, mission & objectives of the policy
The Policy Guidelines on Pharmaceutical Innovation & Entrepreneurship target to encourage innovation, entrepreneurship, and creation of, or participation in, spin-offs & start-ups by faculty members/scientists/staff members/trainees/alumni of academic pharmaceutical institutions based on innovative ideas and research output of the former with impactful commercialization of these innovations. Keeping this in view, DoP targets to facilitate their personnel to innovate; based on these guidelines for Innovation and Entrepreneurship. The vision, mission statements, and key objectives of the guidelines are as follows:
Vision: To build the nation through an innovation-led entrepreneurial ecosystem for supporting pharmaceutical innovation and nurturing start-ups in India with the ultimate goal of positively impacting human health and well-being.
Mission: To establish and educate overarching guidelines for creating Nationwide innovation & entrepreneurial framework and considering entrepreneurship as a preferred career with helping and creating a larger number of sustainable start-ups in pharmaceutical domain towards impactful social benefits.
Objectives: The objectives of these guidelines are
1. To encourage and promote students faculty and staff members to pursue innovation and entrepreneurship.
2. To create enabling policies and foster an ecosystem to generate ideas across disciplines that can be transformed into successful innovative technologies, products, and services.
3. To establish a mechanism for technology development and technology transfers.
Ruchika joined Medical Dialogue as an Desk Editor for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at email@example.com Contact no. 011-43720751