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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

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