RT team
In a significant move to advance research and innovation in the pharmaceutical and medical technology sector, India’s Ministry of Finance has introduced the “Promotion of Research and Innovation in Pharma-MedTech” initiative (#PRIP).
This long-term scheme, with a budgetary allocation of Rs 5,000 crore, is designed to strengthen pharmaceutical infrastructure and drive research across six transformative areas. It demonstrates the government’s commitment to advancing healthcare.
The PRIP initiative comprises two key components. First, it focuses on establishing seven Centers of Excellence (CoEs) at National Institute of Pharmaceutical Education and Research (NIPER) institutes, with an allocation of Rs 700 crore.
The second component supports research in pharmaceuticals across six critical areas, including new chemical entities, complex generics, medical devices, stem cell therapy, orphan drugs, and antimicrobial resistance. Companies collaborating with government institutes and conducting in-house R&D in these areas will receive Rs 4,250 crore in financial assistance.
PRIP aims to elevate India’s global standing in pharmaceutical advancements by fostering research, encouraging industry investment, and addressing healthcare challenges. This collaborative approach between the government and private sector is set to reshape the pharma-medtech landscape, aligning with India’s vision of a self-reliant pharmaceutical industry.
PRIP signifies the government’s commitment to nurturing a robust research and innovation ecosystem, positioning India at the forefront of pharmaceutical and medical technology innovation. With a strong focus on transformative areas, PRIP is poised to shape the sector’s future in India.
