Synopsis
The PRIP Scheme is designed to promote research and innovation in the Pharma MedTech sector, enhancing affordable healthcare solutions in India, as confirmed by the Ministry of Chemicals and Fertilizers.Key Takeaways
- The PRIP initiative aims to enhance affordable healthcare.
- It has a financial backing of Rs 5,000 crore.
- Focus on research and innovation for future health challenges.
- Data-driven markets are crucial for Pharma-MedTech R&D.
- Collaboration between industry and academia is encouraged.
New Delhi, March 13 (NationPress) The Promotion of Research and Innovation in Pharma MedTech Sector (PRIP) initiative is set to enhance cost-effective and affordable healthcare solutions across India, as announced by the Ministry of Chemicals and Fertilizers on Thursday.
This initiative has been rolled out by the Department of Pharmaceuticals with the vision of turning India into a global leader in R&D within the Pharma MedTech domain.
Launched on August 17, 2023, the scheme has a total budget of Rs 5,000 crore, with Rs 4,250 crore dedicated to boosting investments in the R&D ecosystem of this sector.
“The PRIP Scheme aims to facilitate research and innovation to tackle tomorrow's health challenges, focusing on supporting innovative, cost-effective, and affordable healthcare solutions to enhance both domestic and global healthcare frameworks,” stated Amit Agrawal, Secretary of the Department of Pharmaceuticals, during an industry dialogue regarding the PRIP scheme in Mumbai.
Agrawal underscored the necessity of futuristic products and the need for affordable healthcare solutions as key components of India’s aspiration for global leadership in pharmaceuticals and medical technologies.
He pointed out that data-driven markets will be pivotal in transforming the future of Pharma-MedTech R&D and noted that India, with its extensive gene pool and as the home to one-sixth of the world’s population, possesses a unique advantage in creating personalised and precision medicines.
The event provided a platform for industry leaders, associations, and research institutions, including 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 enhancing industry-academia collaborations. Experts also deliberated on fostering partnerships and utilizing government initiatives to accelerate R&D and commercialize innovative solutions within the pharmaceutical and medical technology arenas.
In addition to details concerning the PRIP Scheme, other government initiatives promoting and enabling research and innovation in the sector, such as ICMR’s Patent Mitra, MedTech Mitra, and Intent programs, which assist with patent filings, innovation journeys, and clinical trials, along with CSIR’s Innovation Complex in Mumbai for translational work linking research institutions and industry, were also discussed.
