Sign In
Learn bits
Schemes & Policies
Mahesh

02/09/23 06:28 AM IST

Pharma-MedTech sector (PRIP) scheme

In News
  • The Union Cabinet approved the Promotion of Research & Innovation in Pharma-MedTech sector (PRIP) scheme with an outlay of ₹5,000 crore for five years, from 2023-24 to 2027-28.
About the scheme
  • 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.
Significance
  • 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.
Source- The Hindu

More Related Current Affairs View All

10 Jan

Rural landowners in Delhi want repeal of Sections 33 and 81 of Delhi Land Reforms Act

'Both sections dealing with the use and sale of agricultural land have come under the spotlight ahead of the Delhi Assembly elections.' This can only be done by the Central gove

Read More

10 Jan

Pravasi Bharatiya Diwas

'Prime Minister Narendra Modi inaugurated the 18th edition of the Pravasi Bharatiya Diwas  in Bhubaneswar.' The event is held once every two years to “honour the cont

Read More

10 Jan

Deciphering the Indus script

'Recently, Tamil Nadu Chief Minister M.K. Stalin announced a $1-million prize for experts or organisations in the event of their success in deciphering the scripts of the Indus Val

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps