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New Delhi: The Indian government has unveiled its ambitious Promotion of Research and Innovation in Pharma MedTech sector (PRIP) scheme, designed to propel the nation towards becoming a global leader in pharmaceutical and medical technology research and development. The Ministry of Chemicals and Fertilizers announced on Thursday that the PRIP scheme will significantly boost the development of cost-effective and affordable healthcare solutions for India.
Launched by the Department of Pharmaceuticals on August 17, 2023, the scheme boasts a substantial financial outlay of Rs 5,000 crore, with Rs 4,250 crore specifically allocated to accelerate investments in the R&D ecosystem within the Pharma MedTech sector.
“The PRIP Scheme is focused on enabling research and innovation for the health challenges of tomorrow, with the aim of supporting innovative, cost-effective, and affordable healthcare solutions that can strengthen both domestic and global healthcare ecosystems,” stated Amit Agrawal, Secretary of the Department of Pharmaceuticals, during an industry dialogue on the PRIP scheme held in Mumbai.
Agrawal stressed the importance of developing futuristic products and highlighted the “need for affordable healthcare solutions as fundamental pillars of India’s global leadership in pharmaceuticals and medical technology.” He further emphasized the transformative role of data-driven markets in shaping the future of Pharma-MedTech R&D, noting India’s unique advantage in developing personalized and precision medicines due to its diverse gene pool and large population.
The Mumbai dialogue served as a crucial platform for industry leaders, associations, and research institutes, including those from the Indian Council for Medical Research (ICMR), Council of Scientific and Industrial Research (CSIR), and National Institute of Pharmaceutical Education and Research (NIPERs), to discuss strengthening industry-academia linkages. Participants explored strategies for fostering collaboration and leveraging government initiatives to accelerate R&D and commercialize innovative solutions.
In addition to the PRIP scheme, the event showcased other government initiatives aimed at promoting research and innovation in the sector. These included ICMR’s Patent Mitra, MedTech Mitra, and Intent programs, which provide support for patent filing, facilitating the innovation journey, and clinical trials. The CSIR’s Innovation Complex in Mumbai, designed for translational work connecting research institutions and industry, was also highlighted.
The government hopes that the PRIP scheme, combined with these supporting initiatives, will catalyze significant advancements in the Indian healthcare sector, making quality healthcare more accessible and affordable for all.
Disclaimer: This news article is based on information provided by the Ministry of Chemicals and Fertilizers. The implementation and outcomes of the PRIP scheme are subject to various factors and may evolve over time. Readers are advised to consult official government sources for the most up-to-date information.
