PRIP Scheme Open for Industry and Startup Project Proposals

PRIP Scheme: According to an official release, the government has called for submissions for research and innovation projects under its Promotion of Research and Innovation in Pharma-MedTech Sector plan in an effort to transform the industry into one that is driven by innovation and is globally competitive.

According to the Ministry of Chemicals and Fertilizers, the scheme, which has an approved outlay of Rs 5,000 crore, is expected to support approximately 300 projects with a total R&D investment of about Rs 11,000 crore in new medicines, complex generics, biosimilars, and innovative medical devices, thereby catalyzing a Pharma-MedTech innovation pipeline. The Department of Pharmaceuticals has released updated criteria and notified changes to the program while accepting applications to improve its impact and better meet the needs of all parties involved.

As per the modified policy, MSMEs and startups can apply for up to Rs 9 crore in project costs and receive up to Rs 5 crore in support for early-stage projects. For later-stage projects costing up to Rs 285 crore, MSMEs and startups may request help up to Rs 100 crore, it noted.

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According to the release, the financial assistance scale for early-stage projects is 100% for costs up to Rs 1 crore and 50% for any costs over Rs 1 crore, up to a maximum of Rs 5 crore. It further stated that the financial assistance scale for later-stage projects is 35% of the project cost, up to a maximum of Rs 100 crore. According to the revised plan, up to Rs 100 crore in support may be provided for later-stage projects, up to a 50% limit.

Specific rare diseases, antibiotic resistance, vaccine-preventable diseases, tropical vector-borne diseases, and pathogens that cause outbreaks or pandemics are examples of Strategic Priority Innovation (SPI) sectors. Additionally, the revised plan provides several targeted incentives for industry, MSMEs, and startups to work with nationally renowned academic and research government organizations. According to the statement, the application window opened on October 1 via a special portal that facilitated a completely digital application process.