The Scheme for "Promotion of Research and Innovation in Pharma MedTech sector (PRIP)" aims to transform India into a global R&D powerhouse in the Pharma MedTech sector.
Key objectives include:
- Enabling rapid discovery, development, and commercialization of drugs.
- Enabling innovation in medical devices.
- Promoting industry-academia collaboration.
- Transforming growth from cost-based to innovation-driven.
The scheme has a total financial outlay of ₹5000 crores. This includes support for Strategic Priority Innovations, which are products and technologies addressing India's public health concerns where market potential is low (e.g., Neglected Tropical Diseases, Rare diseases, Antimicrobial Resistance).