The Department of Pharmaceuticals has invited Expressions of Interest (EoI) from eligible entities for project funding under the Promotion of Research and Innovation in Pharma MedTech sector (PRIP) scheme. This initiative aims to bolster India’s research and development (R&D) capabilities, positioning the country as a global leader in pharmaceutical and medical technology innovations.
PRIP Scheme: Strengthening India’s Pharma MedTech Ecosystem
The PRIP scheme, launched on August 17, 2023, has been designed to support cutting-edge R&D initiatives and foster high-value innovation within the pharmaceutical and medical technology sectors. The scheme has a financial outlay of ₹5,000 crore, of which ₹4,250 crore is dedicated to accelerating investments in R&D infrastructure.
By promoting collaboration between industry players, startups, research institutions, and policymakers, the government aims to enhance India’s self-reliance in medical technology, support the development of new drug formulations, advanced medical devices, and biotech solutions, and create a thriving innovation-driven ecosystem.
Who Can Apply?
The Department of Pharmaceuticals is seeking proposals from a diverse range of entities, including:
- Startups and MSMEs involved in pharmaceutical and MedTech research
- Proprietary firms and partnership firms engaged in medical R&D
- Limited liability partnerships (LLPs) and registered companies in the pharmaceutical sector
- Group companies developing advanced medical technologies
These entities will have the opportunity to access government support for their projects and collaborate with leading research institutions and industry stakeholders to drive India’s next wave of pharmaceutical and medical technology advancements.
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Government’s Vision: Fostering Innovation and Global Competitiveness
By inviting industry participation through this EoI, the government aims to:
- Encourage industry-led R&D to develop advanced healthcare solutions
- Strengthen India’s competitive edge in global pharma and MedTech markets
- Attract foreign investments and collaborations in medical innovation
- Enhance public health outcomes through advanced medical research
The Department of Pharmaceuticals emphasized that the EoI will play a key role in shaping India’s future as an R&D innovation hub and called on stakeholders to actively participate.
“This EoI has been designed to provide you with an opportunity to co-shape India’s journey towards becoming an R&D innovation hub, by soliciting your inputs,” the department stated.
With the PRIP scheme, the government is taking a decisive step toward fostering homegrown pharmaceutical innovation, driving economic growth, and ensuring that India remains a key player in the global pharmaceutical and medical technology landscape.
