How is the regulatory framework designed to meet the dynamic economic structure? Is keeping pace with the new trends a challenging task?

A new trend is coming up involving multiple players that include regulators, payers, educators, healthcare practitioners, industry and the public. There is a need to keep abreast with technological advances and novel products such as advance therapies like stem cell and biologics. Moreover, complexity is increasing in regulating health products where there is complex combination of drugs and medical devices, drug and complementary medicines and so on. Regulators have to build expertise and regulations for new areas with risk-based application of regulatory tools.