The newly launched innovation portal is a key component of a ₹5,000 crore initiative by the Department of Pharmaceuticals. Its primary objective is to foster research and innovation within the pharmaceutical and medical technology sectors. By facilitating the development of new medical devices and drugs, it targets both communicable and non-communicable diseases, including rare diseases.
PRIP stands for Promotion of Research and Innovation in Pharma MedTech Sector. This online platform is designed to streamline the submission of applications for research and development projects. It significantly simplifies the process for pharmaceutical companies, medtech firms, and startups to access government support.
Despite India's leading role in the production of generic drugs, the country lags in domestic pharmaceutical R&D spending, which stands at approximately $3 billion. In comparison, the United States spends around $60 billion, and China invests about $20 billion in pharmaceutical research. This disparity has prompted the Indian government to advocate for increased investment in R&D.
PRIP funding focuses on six priority areas:
Startups can receive funding of up to ₹1 crore over a five-year period. Larger pharmaceutical firms have the opportunity to apply for grants reaching up to ₹125 crore, contingent on the milestones achieved throughout their research endeavors.
The innovation portal significantly simplifies the application and approval processes. This enhancement allows smaller firms and startups to engage in pioneering pharmaceutical and medtech research, thus ensuring they have easier access to government support.
India's pharmaceutical market is currently valued at approximately $50 billion. This value comprises $23.5 billion from domestic consumption and $26.5 billion from exports, showcasing the potential for growth in the sector.
Q1. What is the objective of the newly launched innovation portal?
Answer: The innovation portal aims to promote research and innovation in the pharmaceutical and medical technology sectors, supporting the development of new medical devices and drugs for various diseases.
Q2. What is PRIP and how does it function?
Answer: PRIP is an online platform that streamlines application submissions for R&D projects, making it easier for pharma companies and startups to access government support.
Q3. Why was there a need for such a scheme in India?
Answer: India’s low spending on pharmaceutical R&D, around $3 billion, is significantly behind countries like the US and China, prompting the government to encourage more investment in research.
Q4. What are the two main components of the PRIP scheme?
Answer: The two main components are strengthening research infrastructure through Centres of Excellence and promoting research by providing financial assistance for in-house and academic collaborations.
Q5. How will the portal benefit startups and small enterprises?
Answer: The portal simplifies application processes, allowing startups and small enterprises to participate in pharmaceutical and medtech research with better access to government funding.
Question 1: What is the aim of the innovation portal launched by the Department of Pharmaceuticals?
A) To promote generic drug sales
B) To foster research and innovation in pharmaceuticals
C) To increase exports of medical devices
D) To reduce drug prices
Correct Answer: B
Question 2: What does PRIP stand for?
A) Promotion of Research and Innovation in Pharma MedTech Sector
B) Pharmaceutical Research and Innovation Program
C) Public Research Initiative for Pharma
D) Private Research in Innovation Program
Correct Answer: A
Question 3: What is a key focus area for PRIP funding?
A) Generic drug production
B) Drug discovery and development
C) Exporting pharmaceutical products
D) Reducing manufacturing costs
Correct Answer: B
Question 4: How much funding can startups receive under PRIP?
A) Up to ₹50 lakh
B) Up to ₹1 crore
C) Up to ₹5 crore
D) Up to ₹10 crore
Correct Answer: B
Question 5: What is the estimated value of India's pharmaceutical market?
A) $30 billion
B) $40 billion
C) $50 billion
D) $60 billion
Correct Answer: C
Kutos : AI Assistant!
