India Eyes ₹5,000 Cr Plan To Be Pharma Innovation Hub

While Indian companies have dominated in generic drugs, they are laggards in R&D

- Priyanka Sharma

India is making a push to move beyond its dominance in generic drugs and establish itself as a hub for pharmaceutical innovation.

The government will invite expressions of interest in March for a ₹5,000 crore funding corpus aimed at accelerating research in drug discovery, medical technology (medtech), and stem cell therapy, with bid submissions expected in April.

The initiative, part of the Promotion of Research & Innovation in Pharma MedTech Sector (PRIP) scheme launched in August 2023 for a five-year period, seeks to boost domestic R&D and reduce India's reliance on imported technology.

"We are planning to float the expression of interest (EOI) very likely early next month to get a sense how companies are coming forward and based on the response, we will invite bids in April," said an official from the department of pharmaceuticals, familiar with the matter.