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 National Policy focuses on three key areas:
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.
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