Wednesday, Nov 29 2023 | Time 07:28 Hrs(IST)
image
Business EconomyPosted at: Sep 26 2023 6:25PM


Union Minister Mandaviya launches Rs 5K crore PRIP scheme to boost pharma sector

New Delhi, Sept 26 (UNI) With focus on transforming India into a high-volume and high-value player in the global pharma sector, Union Minister of Chemicals and Fertilizers and Minister of Health & Family Welfare Mansukh Mandaviya on Tuesday launched National Policy on Research and Development and Innovation in Pharma-MedTech Sector in India and Scheme for promotion of Research and Innovation in Pharma MedTech Sector (PRIP).
“Today is a historic day, an inflection point in the journey of "Atmanirbharta" in the pharma and medical devices sector. We need to transform Indian Pharma and MedTech sectors from a cost-based to a value-based and innovation-based industry,” he said at the launch of the policy.
The Minister said that India can only achieve self-reliance in pharmaceuticals and medical devices by strengthening its research and development infrastructure that would drive the expansion of access to life-saving medicines and drugs.
Seeking to boost the country's pharma sector, the government has set up three bulk drug parks in Himachal Pradesh, Vizag and Gujarat and four medical device parks in Himachal Pradesh, Uttar Pradesh, Madhya Pradesh and Tamil Nadu.
Indian pharma industry is currently the third largest in the world by volume with current market size of around US$ 50 billion. The government estimates that the industry could potentially grow to US$ 120-130 billion over the next decade.
At present a major component of Indian exports are low value generic drugs while a large proportion of the demand for patented drugs is met through imports.
As per an official media release, National Policy on Research and Development and Innovation in Pharma-MedTech Sector proposes to set up an Indian Council of Pharmaceuticals and Med-tech Research and Development to facilitate and promote collaboration among industry, academia and research institutions.
The PRIP scheme has two components. The first component seeks to strengthen research infrastructure by establishment of Centres of Excellence (CoEs) in the seven existing National Institute of Pharmaceutical Education & Research (NIPERs). These CoEs would be set up in pre-identified areas with a financial outlay of Rs 700 crore.
The second component is aimed at promoting research in pharma sector by encouraging research in six priority areas like new chemical entities, complex generics including biosimilars, medical devices, stem cell therapy, orphan drugs and anti-microbial resistance etc. wherein financial assistance will be provided for the industries and startups working with government institutes. This component has a financial outlay of Rs 4,250 crore.
UNI NK CS1822
Please log in to get detailed story.
Tags: #Union Minister Mandaviya launches Rs 5K crore PRIP scheme to boost pharma sector
More News
Bonfiglioli’s new Rs 100 cr state-of-the-art facility comes up in Pune

Bonfiglioli’s new Rs 100 cr state-of-the-art facility comes up in Pune

28 Nov 2023 | 10:21 PM

Pune, Nov 28 (UNI) Bonfiglioli Transmissions Pvt Ltd, the Indian subsidiary of Bonfiglioli Riduttori S.p.A., a global leader in power transmission and drive solutions, on Tuesday inaugurated its 42,500 square metres high-tech, smart assembly facility in Pune.

see more..

SAMCO Mutual Fund introduces Dynamic Asset Allocation Fund

28 Nov 2023 | 8:39 PM

Mumbai, Nov 28 (UNI) SAMCO Asset Management Private Limited announced the launch of the Dynamic Asset Allocation Fund (DAAF) designed to provide investors blend of stability, growth potential and protection in today’s market environment.

see more..
foundit launches next-gen recruitment solution

foundit launches next-gen recruitment solution

28 Nov 2023 | 8:10 PM

Bengaluru, Nov 28 (UNI) foundit, India's leading talent platform with over 7000 customers, formally announced the launch of a next-gen recruitment solution that has reimagined hiring for the future.

see more..
Amazon Research Day 2023: A Stage for Amazon's Machine Learning and Artificial Intelligence Brilliance

Amazon Research Day 2023: A Stage for Amazon's Machine Learning and Artificial Intelligence Brilliance

28 Nov 2023 | 8:07 PM

Bengaluru, Nov 28 (UNI) Amazon India on Tuesday announced its annual Amazon Research Day (ARD), scheduled for December 1, 2023 here.

see more..
Adani Total Gas launches green hydrogen blending pilot project

Adani Total Gas launches green hydrogen blending pilot project

28 Nov 2023 | 6:38 PM

New Delhi, Nov 28 (UNI) Adani Total Gas Ltd (ATGL) on Tuesday announced the launch of a green hydrogen blending pilot project under which the company will employ the latest technologies to blend green hydrogen (GH2) with natural gas for over 4,000 residential and commercial customers at Ahmedabad, Gujarat.

see more..
image