PRIP Can Be The Next Gamechanger For The Indian MedTech Industry

On September 26, 2023, Union Health Minister Dr. Mansukh Mandaviya introduced the National Policy on Research and Development and Innovation in the Pharma-MedTech Sector in India, as well as the Scheme for Promoting Research and Innovation in the Pharma-MedTech Sector (PRIP). The Indian government has set aside INR 5,000 crore over a five-year period, from FY24 to FY28. PRIP prioritises the establishment of Centres of Excellence (CoEs) within existing institutions in order to boost research infrastructure and stimulate research in key areas.

These critical areas encompass a wide range of fields, such as precision medicine, new chemical and biological entities, medical devices, and antimicrobial resistance solutions.

This program focuses on addressing the challenges faced by the industry, fostering innovation, and facilitating the diffusion of technology to tackle pressing issues in healthcare. With the support of the Indian Government, PRIP will play a remarkable role in transforming the Indian MedTech landscape.

The strategy prioritises R&D through locally generated cutting-edge products and technology in three areas: strengthening the legislative environment, incentivizing investments in Innovation, and creating a facilitatory ecosystem for Innovation.