With an aim to become a global leader in innovative drugs, the Department of Pharmaceuticals is all set to launch the Scheme for Promotion of Research and Innovation in the Pharma-MedTech Sector (PRIP) in September this year.

"The Union Cabinet has already approved the National Policy on Research and Development and Innovation in the Pharma-Med Tech Sector in India and also approved a new Scheme for Promotion of Research and Innovation in the Pharma-Med Tech Sector (PRIP) with a total outlay of Rs 5,000 crore for a period of five years, i.e., from 2023-24 to 2027-28," the Department of Pharmaceuticals said in a statement.

Widely known as 'Pharmacy of the World', the Indian pharmaceutical industry faces various challenges, including a high degree of import dependence on Active Pharmaceutical Ingredients (API) and Key Starting Materials (KSMs); a relatively low pace of development of biologics, biosimilars, and other emerging products/ trends. A cogent policy was required to shape the transformation of the experience of the COVID-19 pandemic into a more systematic approach for improving preparedness of the Indian Pharma MedTech sector to meet medical emergencies.

The Policy is expected to strengthen the innovation ecosystem by focusing on various key areas, such as drug discovery programmes to be built on National Health priorities based on the burden of disease, promoting discovery-based research to build a pipeline of new molecules, novel drug delivery systems, the development and standardisation of phyto-pharmaceuticals and evaluation of drugs for repurposing, and boosting core technologies in medical devices.

The PRIP scheme would not only transform the Indian Pharma MedTech sector from cost based to innovation-based growth but also promote industry-academia linkage for R&D.

The new Scheme is in pursuance of an announcement made in the Budget 2023-24, to take up a new programme to promote research and innovation in pharmaceuticals through Centres of Excellence and to encourage industry to invest in research and development in specific priority areas.