The Union Cabinet recently gave its approval to a special scheme known as PRIP (Promotion of Research & Innovation in Pharma-MedTech) during a meeting held on July 24, with the primary objective of accelerating research and innovation in India’s pharmaceutical and medical technology (MedTech) sectors.
PRIP Scheme Approved by Union Cabinet
The scheme aims to address the existing disparity in research expenditure between India and developed countries, where the share of research and innovation in the total expenditure of the Indian pharma industry is merely seven percent, while it reaches 35 percent in developed nations.
Under the PRIP scheme, a total of Rs 5,000 crore will be allocated over a span of five years, commencing from 2023-24 and extending until 2027-28. The funds will be utilized to incentivize companies engaged in research activities within the pharma and MedTech domains.
A noteworthy aspect of the scheme is the establishment of seven centers of excellence dedicated to pharma research. These centers will be created in collaboration with the existing seven National Institutes of Pharmaceutical Education & Research (NIPERs), further enhancing India’s prowess in pharmaceutical research and innovation.
With the implementation of the PRIP scheme, it is anticipated that research and development activities in the Indian pharma and MedTech sectors will witness a substantial boost.
How Will Approval of PRIP Scheme Help?
The substantial funding and the establishment of centers of excellence are expected to create a conducive ecosystem for fostering innovation in these industries. This, in turn, can lead to the development of cutting-edge healthcare solutions, further enhancing India’s standing in the global healthcare market.
Industry experts have applauded the government’s decision, recognizing its potential to significantly benefit the pharma sector. Sudarshan Jain, the Secretary General of the Indian Pharmaceutical Alliance, praised the move, stating that it will have a profound positive impact on the Indian pharma industry.
He emphasized that the scheme not only strengthens the “Make in India” initiative but also positions India as a destination for pharmaceutical discoveries and innovations.
The approval of the PRIP scheme represents a significant step in fortifying the research and innovation landscape in India’s pharmaceutical and MedTech sectors.
The government’s support and investment in research endeavors are poised to propel the nation’s healthcare industry to new heights and reaffirm its position as a prominent player in the global pharmaceutical arena.
By fostering a culture of research and innovation, the PRIP scheme is poised to contribute to India’s overall growth and development in the healthcare sector.
