India’s Pharma and MedTech Innovation Scheme Set for Launch

The Indian government aims to launch the Promotion of Research and Innovation in Pharma MedTech (PRIP) scheme this month. With a Rs 5,000 crore budget, the initiative focuses on enhancing the R&D ecosystem. It offers funding support for innovation, covering up to 50% of project costs.

The Indian government is set to officially launch a new scheme aimed at fostering innovation in the pharmaceutical and medical technology sectors, according to Department of Pharmaceuticals Secretary Amit Agrawal. Named the Promotion of Research and Innovation in Pharma MedTech (PRIP), the scheme was initially announced on August 17, 2023.

With a hefty financial layout of Rs 5,000 crore, of which Rs 4,250 crore is directed towards strengthening the R&D ecosystem, the PRIP scheme is poised to encourage both early-stage and late-stage investments. It promises to cover 35% to 50% of costs depending on the project's nature, enhancing the infrastructure further with new medical device parks expected by 2027.

Minister of State for Health Anupriya Patel highlighted the sector's growth, noting that India is evolving into a globally recognized player in the medtech market. With more domestic manufacturing and increasing exports, the government's policies aim to support the sector's ongoing expansion.