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.
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