India has taken a major step towards enhancing its research and innovation capabilities in the pharmaceutical and medical technology (Pharma-MedTech) sector by launching the Promotion of Research and Innovation in Pharma-MedTech (#PRIP) initiative. The scheme, announced by the Ministry of Finance on X, aims to provide financial support and incentives to companies, institutions and researchers working in six priority areas of Pharma-MedTech.
PRIP Scheme: Objectives and Components
The PRIP scheme, with a budgetary allocation of Rs 5,000 crore, was approved by the Cabinet and notified on August 17, 2023. The scheme has two main components:
- The first component involves setting up seven Centres of Excellence (CoEs) at National Institute of Pharmaceutical Education and Research (NIPER) institutes across the country. These CoEs will focus on developing state-of-the-art infrastructure and facilities for research and innovation in Pharma-MedTech. The CoEs will also facilitate collaboration and networking among industry, academia and government. The total financial outlay for this component is Rs 700 crore.
- The second component is dedicated to promoting research in the Pharma-MedTech sector across six moon-shot areas. These are: new chemical entities, complex generics (including biosimilars), medical devices, stem cell therapy, orphan drugs, and anti-microbial resistance. Under this component, financial assistance of up to Rs 4,250 crore will be extended to companies conducting in-house R&D or collaborating with government institutes in these areas. The assistance will be provided as grants or loans depending on the nature and stage of the project.
PRIP Scheme: Benefits and Outcomes
The PRIP scheme is expected to have multiple benefits and outcomes for the Pharma-MedTech sector in India. Some of these are:
- It will boost the research and innovation ecosystem in the sector by providing access to world-class infrastructure, facilities and funding.
- It will foster collaboration and synergy among industry, academia and government stakeholders to address critical healthcare challenges and opportunities.
- It will enhance India’s competitiveness and self-reliance in the Pharma-MedTech sector by developing indigenous products and technologies that meet global standards and market needs.
- It will create employment opportunities and generate economic growth by stimulating entrepreneurship and innovation in the sector.
- It will contribute to improving the quality, affordability and accessibility of healthcare services for the people of India.
The PRIP scheme is a visionary initiative that reflects the government’s commitment to advancing research and innovation in the Pharma-MedTech sector. By supporting companies, institutions and researchers working in six priority areas of Pharma-MedTech, the scheme aims to transform India into a global leader in pharmaceutical advancements and medical technologies.