|
Revolutionising Pharma-MedTech:
India Allocates Rs 5,000 Crore To Propel Research And Innovation
In a move towards advancing research and innovation in the
pharmaceutical and medical technology (Pharma-MedTech) sector, the Ministry of
Finance announced the "Promotion of Research and Innovation in Pharma-MedTech"
(#PRIP) initiative.
New Delhi: In a move towards advancing research and
innovation in the pharmaceutical and medical technology (Pharma-MedTech) sector,
the Ministry of Finance announced the "Promotion of Research and Innovation in
Pharma-MedTech”
The Ministry of Finance posted on X, "Promotion of Research
and Innovation in Pharma-MedTech #PRIP was announced as a long-term scheme to
help strengthen pharmaceutical #infrastructure and boost research in six
moon-shot areas. #PromisesDelivered”.
This long-term scheme aims to fortify pharmaceutical
infrastructure and propel research across six transformative areas. The
announcement, made through the ministry's official handle on X, showcased the
government's commitment to fostering advancements in the healthcare industry.
Under the banner of the Department of Pharmaceuticals, the
PRIP initiative has made substantial progress since its inception in the fiscal
year 2023-24. The scheme, with a budgetary allocation of Rs 5,000 crore,
received approval from the Cabinet and was officially notified on August 17,
2023.
The first component focuses on enhancing research
infrastructure through the establishment of seven Centres of Excellence (CoEs)
at National Institute of Pharmaceutical Education and Research (NIPER)
institutes. These CoEs, strategically located in pre-identified areas, are
allocated a financial outlay of Rs 700 crore.
The second component of PRIP is dedicated to promoting
research in the pharmaceutical sector across six moon-shot areas.
The areas of focus include new chemical entities, complex
generics (including biosimilars), medical devices, stem cell therapy, orphan
drugs, and anti-microbial resistance.
A financial assistance of Rs 4,250 crore will be extended to
companies collaborating with government institutes and conducting in-house
research and development (R&D) in these priority areas.
By establishing Centres of Excellence and providing financial
support for groundbreaking research, the government aims to bolster India's
position in pharmaceutical advancements globally. As part of the PRIP
initiative, the government will actively encourage industry players to invest in
research and development, focusing on specific priority areas outlined in the
scheme.
This 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.
The PRIP scheme stands as a testament to the government's
commitment to fostering a robust ecosystem for research and innovation, aligning
with the broader vision of building a selfreliant 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.
https://health.economictimes.indiatimes.com/news/pharma/pharma-industry/revolutionising-pharma-medtech-india-allocatesrs-5000-crore-to-propel-research-and-innovation/107012681
|
