Govt invites funding proposals for Pharma MedTech sector

The Department of Pharmaceuticals has invited expression of interest from entities for the purpose of project funding under the Promotion of Research and Innovation in Pharma MedTech (PRIP) scheme.

 The scheme, launched on August 17, 2023, would strategically position India as a global R&D powerhouse in the Pharma MedTech sector. The total financial outlay is ?5000 crore, of which ?4250 crore is meant to hasten investments in the R&D ecosystem.

Rajiv Nath, Forum Coordinator, Association of Indian Medical Device Industry said, "The government has given very little weightage to the medical device industry and is largely focused on pharmaceutical sector. We will discuss the matter with the government and seek amendments."

Eligible applicants can include proprietary firms, partnership firms, limited liability partnerships, startups, and companies or groups registered in India. The EoI is intended to invite participation from stakeholders in guiding India's vision to evolve as an R&D innovation hub.

The Department of Pharmaceuticals seeks collaboration and value addition to induce advances in drug discovery, medical devices, and emerging therapies. This attests to the government's attitude toward innovation and directives to empower India in the ever-competitive zone of global pharmaceutical and medical technology.

Amit Agrawal, Secretary, Department of Pharmaceuticals stated, "All funds will go the industry alone, but industry can also come along in partnership with academia. The government will financial assistance to the firms to promote R&D. India has a strong hold in complex generics and biosimilars segment; however, the country needs to have a great focus in areas like new biological and chemical, entity, organ drugs, precision medicine, drug development for anti-microbial resistance."