A Scheme to Unleash Innovation Potential

THE Department of Pharmaceuticals (DoP) has recently notified the amendments to the Rs. 5,000 crore Promotion of Research and Innovation in Pharma-MedTech Sector (PRIP) scheme which will build an advanced R&D infrastructure across the country.

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Of course, the scheme offers the pharmaceutical industry an opportunity to build IP-driven products and not just remain a generics powerhouse. Under the amended scheme, for early stage projects, MSMEs and startups can apply for projects costing up to Rs. 9 crore for assistance of up to Rs. 5 crore. For later stage projects, projects of industry, MSMEs and startups costing up to Rs. 285 crore may apply for assistance up to Rs. 100 crore. The scale of financial assistance for early stage projects is 100% for cost up to Rs. 1 crore and 50% of additional cost beyond Rs. 1 crore, subject to a maximum up to Rs. 5 crore. The scale for financial assistance for later stage projects is 35% of project cost, subject to a maximum of Rs. 100 crore. The scheme offers several specific incentives to industry, MSMEs and startups to collaborate with academic and research government institutions of national repute, by providing for preference in selection for up to nine projects each at early and later stages, subject to collaborative development being significant and the collaborative partners/team having strong credentials. Besides finan