Cabinet nods PRIP scheme to boost research and innovation

Cabinet nods PRIP scheme to boost research and innovation

• The Union Health Ministry has announced an ambitious plan to boost research and innovation in the pharmaceutical and medtech sectors. To achieve this goal, they have introduced the Promotion of Research & Innovation in Pharma-MedTech sector (PRIP) scheme, which has been approved by the Union Cabinet.
• The scheme was rolled out earlier this month by the government with the belief that the Indian pharmaceutical industry has the potential to increase its current 3.4 per cent share of the global market to 5 per cent by the year 2030.
• The Union Health Ministry has announced a plan to invest ₹700 crore in creating seven Centres of Excellence at various National Institutes of Pharmaceutical, Education & Research (NIPER) to boost research and innovation in the pharma and medtech sector.
• The scheme, called Promotion of Research & Innovation in Pharma-MedTech sector (PRIP), will be launched in September and will have a duration of five years, from 2023-24 to 2027-28.
• The Centre will also provide ₹4,250 crore to support research in the private sector through milestone-based funding. The Centre may also acquire equity stakes of 5-10% in these private entities in exchange for the funding.
• The scheme aims to enhance the capacity of PSUs and encourage private sector participation in research.

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Published date : 02 Sep 2023 05:35PM