Home   »   Schemes and Committees Current Affairs 2023   »   Cabinet okays PRIP scheme to boost...

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 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.

More Details

  • 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.
  • The scheme’s two components, dedicated funding for the National Institutes of Pharmaceutical Education & Research (NIPERs) and support for the private sector aim to address critical challenges and promote growth in these sectors.

The National Policy focuses on three key areas:

  1. strengthening the regulatory framework,
  2. incentivising investment in innovation, and
  3. 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.

Find More News Related to Schemes & Committees

Cabinet okays PRIP scheme to boost research and innovation_40.1

Cabinet okays PRIP scheme to boost research and innovation_50.1