The Ministry of Chemicals and Fertilizers has informed that 1600 crore rupees have been approved for 41 Pharma and MedTech Innovation projects under the first round of the Promotion of Research and Innovation in Pharma MedTech Sector (PRIP).
The approved projects are expected to catalyse an additional more than 3,000 crore rupees of private investment, taking the total Research and Development investment across these projects to around 4,620 crore rupees. The Ministry said that the approved portfolio spans the innovation value chain, covering novel drug discovery, clinical development and innovative medical technologies.
Of the 41 projects approved so far, 12 are at an early stage and 29 are at a later stage. Nineteen projects are being undertaken by startups and MSMEs, while 22 are being undertaken by large companies. In terms of priority areas, 27 projects fall under New Medicines, five under Complex Generics and Biosimilars, and nine under Novel Medical Devices.
