5 days ago
Centre Invites Applications for ₹5,000 Crore Pharma Innovation Scheme
The Indian government is inviting companies and startups to apply for money to develop new medicines and medical devices.
This funding is part of a scheme called PRIP.
Smaller or newer projects can receive up to ₹5 crore.
More advanced projects can receive up to ₹100 crore.
However, late-stage applicants must pay for most of their project themselves.
Applications will open online by mid-September.
The scheme supports areas such as new medicines, complex generics, biosimilars, and innovative medical devices.
It also supports technologies using artificial intelligence, robotics, telemedicine, and genetic testing.
The Department of Pharmaceuticals has announced the second PRIP Scheme application call.
Early-stage startup and MSME projects can receive up to ₹5 crore each.
Late-stage industry, startup and MSME projects can receive up to ₹100 crore each.
Late-stage assistance is capped at 35% of approved project costs, with applicants co-funding the rest.
Applications will open on the PRIP portal by mid-September across pharmaceutical and novel MedTech priority areas.
- Who
- The Centre's Department of Pharmaceuticals is inviting applications from startups, MSMEs and industry.
- What
- It has opened the second call for applications under the ₹5,000 crore Promotion of Research and Innovation in Pharma & MedTech Scheme.
- Where
- Applications will be submitted through the PRIP portal, and the announcement was issued from New Delhi.
- When
- The PRIP portal submission window is expected to open by mid-September; the scheme was launched in 2023.
- Why
- The scheme aims to strengthen India's pharmaceutical and MedTech research ecosystem, build research infrastructure, develop talent and support commercialization.
Key facts
- Scheme
- Promotion of Research and Innovation in Pharma & MedTech (PRIP)
- Total allocation
- ₹5,000 crore
- Early-stage support
- Up to ₹5 crore per project for eligible startup and MSME projects
- Late-stage support
- Up to ₹100 crore per project
- Late-stage funding limit
- Government assistance can cover no more than 35% of approved total project costs
- Application opening
- The PRIP portal submission window will open by mid-September
- Round 1 applicants
- Applicants must not resubmit the same project submitted under PRIP Round 1
Sources
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