India allocates Rs 5,000 crore for Advancing Research and Innovation

The Ministry of Finance envisions the PRIP scheme as a transformative program that will elevate the research and innovation landscape in the Pharma-MedTech sector.

The Health Master

January 21, 2024

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Last Updated on January 28, 2024 by The Health Master

Research and Innovation

The Ministry of Finance recently unveiled a groundbreaking initiative named “Promotion of Research and Innovation in Pharma-MedTech” (PRIP).

This long-term scheme, introduced to strengthen pharmaceutical infrastructure and boost research, encompasses six transformative areas, showcasing the government’s unwavering commitment to healthcare advancements.

In a significant move towards fostering advancements in the healthcare industry, the Ministry of Finance announced the PRIP initiative, utilizing its official social media handle on platform X.

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Background of PRIP

The PRIP initiative, initiated in the fiscal year 2023-24, secured a substantial budgetary allocation of Rs 5,000 crore.

With Cabinet approval on August 17, 2023, the scheme came under the purview of the Department of Pharmaceuticals.

Components of PRIP

First Component: Centres of Excellence (CoEs)

The first facet of PRIP focuses on enhancing research infrastructure by establishing seven Centres of Excellence (CoEs) at National Institute of Pharmaceutical Education and Research (NIPER) institutes.

These strategically located CoEs, with a financial outlay of Rs 700 crore, are set to become pivotal hubs for groundbreaking research.

Second Component: Moon-Shot Areas

The second component directs attention towards six moon-shot areas crucial for pharmaceutical progress.

These areas include new chemical entities, complex generics (including biosimilars), medical devices, stem cell therapy, orphan drugs, and anti-microbial resistance.

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Financial Assistance for Research

To encourage research in these priority areas, the government pledges a financial assistance of Rs 4,250 crore.

This support is extended to companies collaborating with government institutes and undertaking in-house research and development (R&D).

Vision of PRIP

The Ministry of Finance envisions the PRIP scheme as a transformative program that will elevate the research and innovation landscape in the Pharma-MedTech sector.

By establishing CoEs and providing financial support, the government aims to bolster India’s position in global pharmaceutical advancements.

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Collaborative Approach

As part of the PRIP initiative, the government actively encourages industry players to invest in research and development.

This collaborative approach between the government and private entities is anticipated to drive innovation, address critical healthcare challenges, and contribute to the overall growth of the Pharma-MedTech sector in India.

Impact on Pharma-MedTech Sector

The PRIP scheme stands as a testament to the government’s commitment to fostering a robust ecosystem for research and innovation.

This aligns 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.

Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.

FAQs

What is the objective of the PRIP initiative?
The PRIP initiative aims to strengthen pharmaceutical infrastructure and boost research in six transformative areas, fostering advancements in the healthcare industry.
How is financial assistance allocated under PRIP?
Financial assistance of Rs 4,250 crore is extended to companies collaborating with government institutes and conducting in-house research in priority areas.
What are the six moon-shot areas focused on by PRIP?
PRIP directs attention towards new chemical entities, complex generics (including biosimilars), medical devices, stem cell therapy, orphan drugs, and anti-microbial resistance.
How does PRIP contribute to global pharmaceutical advancements?
By establishing Centres of Excellence and providing financial support, PRIP aims to bolster India’s position in global pharmaceutical advancements.
What is the significance of the collaborative approach in PRIP?
The 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.