PRIP Scheme: A major opportunity for innovation and research in the pharmaceutical sector, the government has invited applications.

PRIP Scheme: The government has invited applications under the PRIP scheme to promote innovation and research in the pharmaceutical and medical technology sector. This ₹5,000 crore scheme will support approximately 300 projects. Priority will be given to research on rare diseases, biosimilars, vaccine-preventable diseases, and medtech devices. Startups and MSMEs will be provided financial assistance for early and late-stage projects.

PRIP Scheme: The Modi government at the Centre has taken a significant step to promote research and innovation in the pharma and medical technology (medtech) sector. Applications have been invited for new projects under the PRIP scheme (Promotion of Research and Innovation in Pharma-Medtech Sector). The scheme aims to make the country globally competitive and innovation-driven.

Scheme Objective and Funding

The Ministry of Chemicals and Fertilizers announced on Thursday that a budget of ₹5,000 crore has been allocated. Approximately 300 projects will be promoted through this scheme. The scheme will specifically encourage the development of new drugs, complex generics, biosimilars, and advanced medical devices.

Strategic Priority Research Areas

Strategic Priority Innovation (SPI) areas have been given priority under the scheme. These include treatments for specific rare diseases, combating antimicrobial resistance, vaccine-preventable diseases, tropical insect-borne diseases, and epidemic pathogens. Research and development in these areas will open up new opportunities in the health sector.

Total Investment and Potential Benefits

A total investment of ₹11,000 crore will be made in research and development under the PRIP scheme. This will benefit not only pharmaceutical companies but also startups and MSMEs, providing them with an opportunity to advance in global competition.

Opportunities for MSMEs and Startups

The government has amended the scheme and made special provisions for startups and MSMEs.

Early-stage projects: Financial assistance of up to ₹5 crore will be provided for projects costing up to ₹9 crore.

Final Stage Projects: Support of up to ₹100 crore will be provided for projects up to ₹285 crore.

Collaboration with Academic Institutions

The revised scheme encourages industry and startups to collaborate with national-level academic and research institutions. This will make innovation and research more practical and effective.

Application Process and Deadline

The application process under the scheme began on October 1st through a dedicated portal. Interested startups, MSMEs, and other companies can apply online.

Startups and MSMEs to Gain Global Recognition

This initiative by the Government of India is a golden opportunity to gain global recognition for startups and MSMEs in the pharmaceutical and medtech sectors. This scheme will not only promote innovation in the healthcare sector but also achieve the goal of making India a pharma and medical technology hub.

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