Latest news with #PromotionofResearchandInnovationinPharmaMedTechSector
Mint
24-06-2025
- Business
- Mint
India boost to pharma & medtech R&D with ₹5,000 cr portal
New Delhi: The Department of Pharmaceuticals has launched an online portal for a ₹ 5,000-crore scheme it says will support innovation in pharma and medical technology. PRIP, or the Promotion of Research and Innovation in Pharma MedTech Sector, promises to make it easier to submit applications to develop novel technologies in medicine, including medical devices and drugs for communicable, non-communicable diseases and rare disease. The government is concerned about the tiny levels of domestic R&D spending, compared with many other nations, despite India being a global leader in generic drug production. While the US and China spend $60 billion and $20 billion on pharmaceutical R&D respectively, India's expenditure is only around $3 billion. PRIP aims to bridge this gap and foster a culture of research and innovation in the pharma and medtech industry. The scheme has two main components. First, strengthening research infrastructure: This involves setting up Centres of Excellence (CoEs) in the seven existing National Institutes of Pharmaceutical Education & Research (NIPERs). Second, Promoting Research in Pharma & MedTech: This component offers direct financial assistance to companies and projects for both in-house R&D and academic collaborations. It covers six priority areas, including drug discovery and development, medical devices, stem cell therapy, medicines for rare diseases and treatment for drug-resistant patients. "With the PRIP portal now live, the government is making it simple for pharma companies, medtech firms, and even startups to register and elevate their research and development capabilities," explained an official. As planned under the scheme, bigger companies can seek funding of up to ₹ 125 crore while startups can secure up to ₹ 1 crore over a period of five years, based on their milestones, the official said. India's pharmaceutical market is a global force, valued at $50 billion. While domestic consumption stands at $23.5 billion, exports contribute a significant $26.5 billion. India is the world's third-largest pharmaceutical market by volume and 14th by value of production. Over half its exports reach highly developed markets like the US, EU, and Japan, which have a high threshold on quality. Sheetal Arora, promoter and CEO of Mankind Pharma, emphasized the transformative potential of the PRIP scheme. "The new PRIP portal is a game-changer for Indian pharma. This ₹ 5,000-crore investment is exactly the boost we need as we're on the verge of massive growth. India already leads the world in generic medicines, providing 20% of the global supply. But PRIP helps us shift towards innovation, potentially bringing in another ₹ 17,000 crore for R&D by FY28. This will truly sharpen our competitive edge. The timing couldn't be better. With many major drugs losing patent protection by 2030, companies that invest in new molecules and top-tier research now will be future leaders. What's most exciting is that PRIP supports both innovation and affordable healthcare.' Arora added that PRIP supports both innovation and affordable healthcare. 'This perfectly fits India's goal of being a global innovation hub while also making medicines accessible worldwide. PRIP isn't just about money; it's about empowering Indian pharma to build a strong, self-reliant future where innovation benefits everyone,' she said.
Mint
24-06-2025
- Business
- Mint
India boost to pharma & medtech R&D with ₹5,000 cr portal
New Delhi: The Department of Pharmaceuticals has launched an online portal for a ₹ 5,000-crore scheme it says will innovation in pharma and medical technology. PRIP, or the Promotion of Research and Innovation in Pharma MedTech Sector, promises to make it easier to submit applications to develop novel technologies in medicine, including medical devices and drugs for communicable, non-communicable diseases and rare disease. The government is concerned about the tiny levels of domestic R&D spending, compared with many other nations, despite India being a global leader in generic drug production. While the US and China spend $60 billion and $20 billion on pharmaceutical R&D respectively, India's expenditure is only around $3 billion. PRIP aims to bridge this gap and foster a culture of research and innovation in the pharma and medtech industry. The scheme has two main components. First, strengthening research infrastructure: This involves setting up Centres of Excellence (CoEs) in the seven existing National Institutes of Pharmaceutical Education & Research (NIPERs). Second, Promoting Research in Pharma & MedTech: This component offers direct financial assistance to companies and projects for both in-house R&D and academic collaborations. It covers six priority areas, including drug discovery and development, medical devices, stem cell therapy, medicines for rare diseases and treatment for drug-resistant patients. "With the PRIP portal now live, the government is making it simple for pharma companies, medtech firms, and even startups to register and elevate their research and development capabilities," explained an official. As planned under the scheme, bigger companies can seek funding of up to ₹ 125 crore while startups can secure up to ₹ 1 crore over a period of five years, based on their milestones, the official said. India's pharmaceutical market is a global force, valued at $50 billion. While domestic consumption stands at $23.5 billion, exports contribute a significant $26.5 billion. India is the world's third-largest pharmaceutical market by volume and 14th by value of production. Over half its exports reach highly developed markets like the US, EU, and Japan, which have a high threshold on quality. Sheetal Arora, promoter and CEO of Mankind Pharma, emphasized the transformative potential of the PRIP scheme. "The new PRIP portal is a game-changer for Indian pharma. This ₹ 5,000-crore investment is exactly the boost we need as we're on the verge of massive growth. India already leads the world in generic medicines, providing 20% of the global supply. But PRIP helps us shift towards innovation, potentially bringing in another ₹ 17,000 crore for R&D by FY28. This will truly sharpen our competitive edge. The timing couldn't be better. With many major drugs losing patent protection by 2030, companies that invest in new molecules and top-tier research now will be future leaders. What's most exciting is that PRIP supports both innovation and affordable healthcare.' Arora added that PRIP supports both innovation and affordable healthcare. 'This perfectly fits India's goal of being a global innovation hub while also making medicines accessible worldwide. PRIP isn't just about money; it's about empowering Indian pharma to build a strong, self-reliant future where innovation benefits everyone,' she said. The Indian Drug Manufacturers Association is actively encouraging its members to explore this opportunity, seeing the PRIP scheme as a significant leap forward for research and development in the country.
Economic Times
23-06-2025
- Business
- Economic Times
Go on, pop the innovation pill: ₹5,000 cr push signals India's shift from copy to create
Stir things up Rollout of the ₹5,000-cr Promotion of Research and Innovation in Pharma MedTech Sector (PRIP) scheme signals a shift in how India approaches the sector's growth. This initiative, expected to begin disbursals by the end of 2025, could attract ₹17,000 cr in additional R&D investment. For an industry that has long been associated with generic manufacturing, this represents a paradigm shift towards innovation-led pharma world is approaching a 'patent cliff', and for Indian firms, it represents an unprecedented opportunity: 24 mega-selling drugs with combined annual sales exceeding $250 bn will lose patent protection by 2030. This means blockbuster medicines like Humira for rheumatoid arthritis, Keytruda for cancer treatment, Stelara for psoriasis, and Symbicort for asthma will soon be open for generic manufacturing. When these patents expire, drug prices fall by at least 50%. For a country where out-of-pocket (OoP) healthcare expenses are high, this holds immense significance alongside its commercial potential. Capturing these opportunities won't be easy. Indian firms will face tough competition from generics and must match the original drug standards. Success will hinge on investment in bioequivalence studies, regulatory compliance and resilient supply chains. Indian pharma companies are eyeing these opportunities. Zydus, Sun Pharma, and Bharat Serums and Vaccines (now part of Mankind Pharma) have invested in establishing world-class R&D centres, focusing on developing new chemical entities. The younger generation of scientists and entrepreneurs, bringing fresh perspectives, is accelerating the transition from a generic-focused industry to one that balances both generic excellence and innovative drug discovery. MNCs are also rethinking their view of the Indian market: Novartis, Novo Nordisk and Eli Lilly have chosen to out-license their brands to Indian firms rather than directly market them here. This trend reflects both the growing capabilities of domestic firms and the unique challenges of serving India's diverse and price-sensitive market. These partnerships benefit all. International companies can maintain a presence in India without the complexities of direct operations, while Indian firms gain access to established brands and molecules, leveraging deep market understanding and extensive distribution networks. However, building these relationships requires investment in compliance systems, quality infrastructure, and continuous capability upgrades to meet the exacting standards of international positives in the sector include: Exemption of 36 life-saving drugs from basic customs duty will benefit companies bringing in innovative medicines. Drugs like AstraZeneca's Selumetinib, Pfizer's Lorlatinib, Novartis' Ribociclib, and GSK's Mepolizumab will now be more affordable. Additionally, six more life-saving medicines have been added to the concessional 5% duty slab, primarily targeting cancer, rare diseases and other chronic conditions. The health budget has risen to over ₹95,000 cr for FY26, up 9.46%. More than a numbers game, it's about building a healthcare ecosystem fit for our vast population. 15,479 Jan Aushadhi Kendras provide generic medicines at prices up to 80% lower than branded equivalents. A heart medicine that once cost ₹500 is available for ₹100, bringing essential treatments within reach of ordinary citizens. Yet, ensuring consistent quality and maintaining reliable supply chains remain a challenge. Extension of PM Ayushman Yojana to people above 70 years creates a virtuous cycle - more people seeking treatment drives demand for medicines, which, in turn, encourages pharma companies to invest in better products and wider distribution. Development of healthcare infra in tier-2 and tier-3 cities is also helping. However, attracting and retaining qualified medical professionals in these locations remains a hurdle, requiring innovative approaches to compensation, career development and quality-of-life considerations. Again, the market for pharma products will, then, be able to expand. A 'nutraceutical revolution' is underway. With the market expected to grow from $4 bn in 2020 to $18 bn by December, nutraceuticals represent a significant growth avenue for companies willing to invest in quality and innovation. The convergence of multiple factors - patent opportunities, GoI support, infrastructure development and changing consumer behaviour - is creating unprecedented opportunities for the sector. Companies that embrace innovation, while maintaining traditional strengths in affordable healthcare delivery, will thrive. The writer is CEO, Mankind Pharma (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Second only to L&T, but controversies may weaken this infra powerhouse's growth story Looking for quick buck in unlisted shares? Better think twice! How Vedanta's Anil Agarwal bettered Warren Buffett in returns Rivers are moving more goods than before. But why aren't they making a splash yet? Stock Radar: Supreme Industries stock down by about 30%! 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