The Union Cabinet has approved a special scheme for the Pharma and MedTech sector -PRIP - during its meeting held on July 24, aimed to boost research and innovation in the sector, CNBC Awaaz reported citing sources.
PRIP stands for Promotion of Research & Innovation in Pharma-MedTech, according to the report.
Moneycontrol could not independently verify this news development.
Share of research and innovation in total expenditure of Indian pharma industry is currently at only seven percent, compared to 35 percent seen in developed countries.
What is special in the scheme-
Rs 5,000 crore will be spent in five years under the PRIP scheme, and companies will be given incentives for research. The scheme is being started for the year 2023-24 to 2027-28, the report added.
Under the scheme, seven centers of excellence will be opened for research in the pharma sector. New centers will be opened in the existing seven National Institutes of Pharmaceutical Education & Research (NIPERs).
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