Cabinet okays PRIP scheme to boost research and innovation
Cabinet okays 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 government launched the initiative earlier this month, believing that the Indian pharmaceutical industry has the ability to grow its current 3.4 percent share of the world market to 5% by 2030.
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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 Promotion of Research and Innovation in the Pharma-MedTech Sector (PRIP) scheme will be launched in September and will last for 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. The scheme’s two components, specific funding for National Institutes of Pharmaceutical Education and Research (NIPERs) and private sector support, are intended to solve significant difficulties and stimulate growth in these sectors.
The National Policy focuses on three key areas:
- strengthening the regulatory framework,
- incentivising investment in innovation, and
- enabling an ecosystem for innovation and research.
The policy aims to accelerate drug discovery and development, foster collaboration between industry and academia, and streamline existing policies to optimise research resources. The PRIP scheme, with an allocation of Rs 5,000 crore, focuses on two components: the establishment of Centres of Excellence (CoEs) within existing institutions to strengthen research infrastructure, and promotion of research in priority areas. These priority areas encompass a range of fields such as new chemical and biological entities, precision medicines, medical devices, and antimicrobial resistance solutions.