The scheme, designed by the Union Minister Mansukh Mansukh Mandaviya, aims to transform India's pharma-medtech sector from cost-based to innovation-based growth. The initiative aims to strengthen research infrastructure in India, a third-largest pharmaceutical industry globally with a current market size of around $50 billion.
Mandaviya, who called it a clarification for Aatmanirbharta in the pharma sector, stressed that India needs a dynamic and dynamic research environment to become the world leader in the field of pharma and medtech.
It's not that we do not have research in India, but the multinational companies invest 20-22 percent of their profits into research and development, whereas an Indian company's investment averages around 10 percent.
The Indian pharma industry has remained largely confined to generic drugs, where they are gaining worldwide influence.
The focus on R&D will aim to utilise India's existing strengths, said Pavan Choudary, chairman of the Medical Technology Association of India.
The PRIP program consists of two elements, the first one focusing on infrastructure building. It includes opening centres of excellence in seven campuses of the National Institutes of Pharmaceutical Education and Research at a tentative cost of Rs 700 crore over five years.
The second component would include financial assistance to large industries, MSMEs, and startups to carry out research in collaboration with academic institutions and for in-house R&D in defined priority areas. The money has been kept aside as a financial outlay for this part.