Health Ministry allocates Rs 5000 cr for Innovation in Pharma-MedTech Sector

Posted by Watchdoq Newsportal on September 01, 2023     

Health Ministry allocates Rs 5000 cr for Innovation in Pharma-MedTech Sector    

Sept. 1, 2023

In a decisive move to turbocharge India's pharmaceutical and medical technology landscape, the Union Cabinet has given the nod to the groundbreaking Promotion of Research & Innovation in Pharma-MedTech sector (PRIP) scheme. With a substantial budget allocation of Rs. 5,000 crore spanning five years, this scheme is poised to transform the industry's competitiveness into a burgeoning ecosystem of innovation.

The core essence of the PRIP scheme lies in the metamorphosis of the Indian Pharma-MedTech sector from its traditional reliance on cost-based competition to a robust platform driven by innovative growth. The cornerstone objectives include fortifying the research infrastructure within the nation and fostering an inseparable bond between academia and industry for catalyzing research and development efforts in priority areas.

The five-year financial commitment beginning from 2024 through 2028, marks a substantial step forward. As part of the scheme's implementation, corporations will be offered incentives to undertake groundbreaking research projects. The initiative focuses on six pivotal domains: the creation of new chemical entities, intricate generics and biosimilars, the frontiers of precision medicine encompassing gene therapy and stem cells, medical devices harnessing artificial intelligence and machine learning, addressing the critical realm of orphan drugs, and combating the global menace of anti-microbial resistance.

The scheme's strategic framework unfolds through two vital components. The first is the establishment of Centers of Excellence (CoE) across seven prestigious National Institutes of Pharmaceutical Education and Research (NIPERs) strewn across the country. This ambitious plan is projected to consume approximately Rs. 700 crore over a span of five years. These hubs of innovation will serve as epicenters of research and exploration in the pharmaceutical and medical technology domain, infusing the sector with novel ideas and groundbreaking discoveries.

The second facet involves direct engagement with nine well-established pharmaceutical giants, backed by an infusion of Rs. 125 crores over five years. This substantial financial support will be divided into aiding 30 research projects targeting high-potential products and a further 125 research projects within the startup ecosystem.

Guided by an Empowered Committee under the stewardship of the CEO of NITI Aayog, the PRIP scheme is all set to chart a pioneering path forward. Collaborative representation from various vital sectors including Pharmaceuticals, Health, ICMR, DBT, CSIR, AYUSH, and DST ensures a holistic approach to realizing the scheme's potential. The Department of Pharmaceuticals, housed within the Ministry of Chemicals and Fertilizers, will oversee the intricate execution of this ambitious venture.

Health Minister Mansukh Mandaviya underlined the monumental nature of the PRIP scheme, revealing that the Ministry has allocated a whopping Rs. 700 crores for the establishment of seven Centers of Excellence across NIPERs. The stage is thus set for the infusion of Rs. 4,200 crores into private sector research initiatives spanning pharma and medical technology.

The official launch of the PRIP scheme is slated for September, marking a milestone in India's journey toward becoming a global hub for pharmaceutical and medical technology innovation. The sector is now poised to transcend its conventional boundaries and emerge as a powerhouse of ideas and progress, fueled by the collective might of research, innovation, and collaboration.

Source: The Hindu Business Line, CNBC TV18