Business News | Second Call for Applications Under Rs 5,000 Crore PRIP Scheme to Boost Pharma, MedTech Innovation
Get latest articles and stories on Business at LatestLY. According to a press release issued by the Department of Pharmaceuticals in the Ministry of Chemicals and Fertilisers, the scheme, with a financial outlay of ₹ 5,000 crore, aims to strengthen India's Pharma and MedTech research and development ecosystem by supporting startups, MSMEs, and large companies to leapfrog up the innovation value chain.
New Delhi [India], August 28 (ANI): The Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers on Thursday announced the second call for applications under the Promotion of Research and Innovation in Pharma & MedTech (PRIP) Scheme.
According to a press release issued by the Department of Pharmaceuticals in the Ministry of Chemicals and Fertilisers, the scheme, with a financial outlay of ₹ 5,000 crore, aims to strengthen India's Pharma and MedTech research and development ecosystem by supporting startups, MSMEs, and large companies to leapfrog up the innovation value chain.
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The scheme will provide financial support of up to Rs 100 crore per project to eligible industry players, startups and MSMEs, with the application window set to open by mid-September.
The Department of Pharmaceuticals said the latest round is aimed at strengthening India's pharma and MedTech research and development ecosystem and helping companies move up the innovation value chain.
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Applications will be invited under two tracks. Under the early-stage track, startups and MSMEs with projects at Technology Readiness Levels (TRL) 1, 2 or 3 can seek support to take them to higher levels, up to TRL 5. Financial assistance of up to Rs 5 crore per project will be available.
Under the later-stage track, industry, startups and MSMEs with projects at TRL 4, 5 or 6 can seek support to move them to higher readiness levels. Financial assistance of up to Rs 100 crore per project will be provided, subject to a limit of 35 per cent of the approved total project cost, with the remaining amount to be co-funded by the applicant.
Applicants who submitted projects under the first round have been asked by the ministry not to resubmit the same projects.
The scheme covers priority areas including new medicines, complex generics and biosimilars, and novel medical devices. The medical-device category includes AI and machine learning-based devices, software as a medical device, genetic technology-based diagnostics, robotic surgical devices, telemedicine-enabled devices and innovative in-vitro diagnostic devices.
The PRIP scheme, launched in 2023, also seeks to build research infrastructure and strengthen the pool of trained talent in the pharmaceutical sector. Industry and startups can receive mentorship support to improve the prospects of commercialising viable research outcomes.
The Department said initiatives including MedTech Mitra, Patent Mitra and the online PRIP platform are intended to facilitate collaboration and partnerships among stakeholders.
The second call is expected to create further opportunities for startups, MSMEs and larger industry players to develop and advance products across the identified pharma and MedTech priority areas, as the government seeks to strengthen the country's research, innovation and commercialisation ecosystem. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)