Revolutionising Pharma-MedTech: India allocates Rs 5,000 crore to propel research and innovation

New Delhi [India], January 19 (ANI): In a move towards advancing research and innovation in the pharmaceutical and medical technology (Pharma-MedTech) sector, the Ministry of Finance announced the "Promotion of Research and Innovation in Pharma-MedTech" (#PRIP) initiative.
The Ministry of Finance posted on X, "Promotion of Research and Innovation in Pharma-MedTech #PRIP was announced as a long-term scheme to help strengthen pharmaceutical #infrastructure and boost research in six moon-shot areas. #PromisesDelivered"

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This long-term scheme aims to fortify pharmaceutical infrastructure and propel research across six transformative areas. The announcement, made through the ministry's official handle on X, showcased the government's commitment to fostering advancements in the healthcare industry.
Under the banner of the Department of Pharmaceuticals, the PRIP initiative has made substantial progress since its inception in the fiscal year 2023-24. The scheme, with a budgetary allocation of Rs 5,000 crore, received approval from the Cabinet and was officially notified on August 17, 2023.
The first component focuses on enhancing research infrastructure through the establishment of seven Centres of Excellence (CoEs) at National Institute of Pharmaceutical Education and Research (NIPER) institutes. These CoEs, strategically located in pre-identified areas, are allocated a financial outlay of Rs 700 crore.
The second component of PRIP is dedicated to promoting research in the pharmaceutical sector across six moon-shot areas.
The areas of focus include new chemical entities, complex generics (including biosimilars), medical devices, stem cell therapy, orphan drugs, and anti-microbial resistance.
A financial assistance of Rs 4,250 crore will be extended to companies collaborating with government institutes and conducting in-house research and development (R&D) in these priority areas.
The Ministry of Finance envisions the PRIP scheme as a transformative programme designed to elevate the research and innovation landscape in the pharma-medtech sector.
By establishing Centres of Excellence and providing financial support for groundbreaking research, the government aims to bolster India's position in pharmaceutical advancements globally.
As part of the PRIP initiative, the government will actively encourage industry players to invest in research and development, focusing on specific priority areas outlined in the scheme.
This collaborative approach between the government and private entities is expected to drive innovation, address critical healthcare challenges, and contribute to the overall growth of the pharma-medtech sector in India.
The PRIP scheme stands as a testament to the government's commitment to fostering a robust ecosystem for research and innovation, aligning with the broader vision of building a self-reliant and cutting-edge pharmaceutical industry in the country.
With a clear focus on transformative areas, PRIP is poised to shape the future trajectory of the pharma-medtech sector in India. (ANI)