INDIA TO BOOST PHARMA R&D WITH Rs 5000 CRORE SCHEME

The Department of Pharmaceuticals has launched an online portal for a Rs 5000 crore scheme in ordere to support innovation in pharma and medical technology. The Promotion of Research and Innovation in Pharma MedTech Sector (PRIP) will make it easier to submit applications to develop novel technologies in medicine, including medical devices and drugs for communicable, non-communicable diseases and rare diseases. The government is concerned about the small amount of spending on Research & Development in the pharma sector, as compared with many other nations, despite India being a global leader in generic drug production. Countries like US and China spend $60 billion and $20 billion respectively on pharmaceutical R&D, whereas 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. Some of the companies that stand to benefit from this scheme are

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