India Pharma Outlook Team | Tuesday, 16 September 2025
Department Amit Agrawal stated on tuesday that the government hopes to formally introduce a program to encourage innovation in the medtech and pharmaceutical industries this month.
The Promotion of Research and Innovation in Pharma MedTech sector (PRIP) plan was announced. Moreover, its entire budget of Rs 5,000 crore, of which Rs 4,250 crore is allocated to boosting R&D investments.
"We are focusing in a very big way now on innovation in India. So we have a scheme (PRIP) which was announced some time ago, but we hope to launch that scheme with this month," Agrawal said while speaking at the APACMed event here.
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According to him, the program would provide equal coverage to pharma industry and medtech, and it may receive funding support at both the early and late stages. According to Agrawal, the plan will cover between 35% and 50% of the cost in both the early and late stages, depending on the type of proposal.
"We are also looking at deepening the ability in the ecosystem to produce critical components, which are needed to deepen the value footprint within India, which will help it make more business sense to really locate production within India" he noted.
