The Indian government has officially invited pharmaceutical and MedTech companies to invest in research and development under its new scheme, “Promotion of Research and Innovation in Pharma MedTech Sector (PRIP).” With a financial outlay of Rs 5,000 crore, the initiative aims to accelerate advancements in drug development, medical devices, and innovative therapies, making India a global hub for pharmaceutical research.
Announced in the 2023 Union Budget by Finance Minister Nirmala Sitharaman, the PRIP scheme focuses on fostering innovation and strengthening India’s R&D ecosystem. Of the total budget, Rs 4,250 crore is specifically allocated to boosting investments in research initiatives. The Department of Pharmaceuticals, under the Ministry of Chemicals and Fertilizers, has issued a 32-page Expression of Interest (EoI) document, inviting manufacturers and research firms to participate.
The scheme outlines six priority areas for research funding:
1. Development of new chemical entities, biological entities, and phyto-pharmaceuticals.
2. Complex generics and biosimilars.
3. Precision medicine and targeted innovative therapeutics.
4. Advanced medical devices.
5. Orphan drugs for rare diseases.
6. Drug development to combat antimicrobial resistance (AMR).
Funding is categorized into three levels based on project scale and technology readiness level (TRL):
– Large-Scale Projects: Up to 35% of total project cost or Rs 125 crore, whichever is lower. Eligible companies must have an annual revenue exceeding Rs 1,000 crore in pharmaceuticals or Rs 250 crore in MedTech and must collaborate with government research institutions.
– Mid-Scale R&D Projects: Funding up to 35% of total cost or Rs 100 crore for entities working in priority areas at TRL 5 or 6.
– Startups and MSMEs: Up to Rs 1 crore per project for early-stage innovations (TRL 1-4).
TRL, or Technology Readiness Level, is a global measure assessing the development stage of a technology, from conceptualization to real-world deployment.
The Indian government aims to establish the country as a leader in pharmaceutical and MedTech research by fostering collaboration between private firms and public research institutions. The initiative is expected to drive breakthrough innovations, enhance healthcare solutions, and create a competitive R&D landscape. With this ambitious step, India is positioning itself at the forefront of medical and pharmaceutical advancements, ensuring a stronger and self-reliant healthcare sector for the future.
