To promote discovery, development and commercialization of new medicines and support the startups and MSMEs in India, the Department of Pharmaceuticals has notified a New Discovery track under the Promotion of Research and Innovation in Pharma & MedTech (PRIP) Scheme for undertaking Pharma Innovation projects. This initiative’s objective to encourage and support startups and MSMEs in engaging with the high risk innovation ecosystem for discovery of new drugs and therapies.
The PRIP scheme aims to fill a critical funding gap in early-stage novel drug discovery. It has a total financial allocation of Rs. 5,000 crore. Financial assistance of up to Rs. 50 crore per company, project or portfolio of projects will be provided, contingent upon a minimum co-funding of 25% of project's costs from bona fide institutional investors.
This funding will serve as significant risk capital for start-ups and MSMEs. It will stimulate the involvement of institutional investors at drug development’s early stage. This initiative aims to advance more indigenous New Chemical Entities as well as New Biological Entities from discovery toward clinical development. It will help to build a globally competitive drug innovation pipeline.
Startups and MSMEs undertaking NCE (New Chemical Entity) or NBE (New Biological Entity) projects at Technology Readiness Levels (TRL) 1, 2 or 3 are eligible to apply under this exclusive track. Such projects will receive the Department’s support. This will allow them to progress to higher TRLs not beyond TRL 6.
The online PRIP portal is now open for filing applications under the second call of the PRIP scheme. There are a total of three priority areas for second call of applications under PRIP scheme, which are as follows:
|
S. No. |
Priority Area |
|
1. |
New Medicines, which covers New Chemical Entities (NCEs), New Biological Entities (NBEs) and phytopharmaceutical drugs |
|
2. |
Complex Generics and Biosimilars |
|
3. |
Novel Medical Devices |
Apart from the New Discovery track, applications are invited under two tracks outlined below:-
|
S. No. |
Track |
Eligibility |
Objective |
Financial Assistance |
Co-funding by Applicant |
|
1. |
Early Stage |
Startups and MSMEs that are undertaking projects at TRL 1, 2 or 3 |
Advancing projects to a maximum of TRL 5 |
Up to Rs. 5 crore per project will be provided |
If the approved total project cost is up to Rs. 1 crore, no co-funding from the applicant will be required. |
|
2. |
Later Stage |
Industry, startups and MSMEs that are working on projects at TRL 4, 5 or 6 |
Advancing projects to higher TRLs |
Up to Rs. 100 crore per project will be provided, capped at a maximum of 35% of the approved total project cost |
The applicant will be required to co-fund the remaining amount. |
On the PRIP Portal, the application forms and supporting guidance are available. For more information, applicants can refer to the Scheme Guidelines, Guidance for Concept Notes, Guidance for the Application Form, the Milestone Descriptor Catalogue, Frequently Asked Questions and Application Support Toolkit.
Under first call of PRIP Scheme, a total of 41 projects have been approved for approximately Rs. 1,600 crore in financial assistance. The evaluation of remaining applications from this round is currently in progress. Further results are expected to be announced this month.
Applicants who have already submitted their projects under PRIP Round 1 are advised not to resubmit the same project. For any queries or additional guidance, applicants can write to the given email address: support-prip@pharma-dept.gov.in.
Q1. What is PRIP scheme full form?
A. PRIP scheme full form is Promotion of Research and Innovation in Pharma & MedTech scheme.
Q2. Are online applications for the second call of PRIP scheme currently open?
A. Yes. The online applications for the second call of PRIP scheme are currently open. If you want to apply for the scheme, you can file an online application via PRIP portal.
Q3. What is PRIP portal?
A. It is the official portal for filing online applications under PRIP scheme.
Q4. What is the financial outlay for PRIP scheme?
A. The financial outlay for the PRIP scheme is Rs. 5,000 crore.
Q5. What is the aim of PRIP scheme?
A. The aim of this scheme is to strengthen India's pharmaceutical and MedTech research and development ecosystem by providing support to start-ups, MSMEs and large companies as they progress along innovation value chain.
Source: Department of Pharmaceuticals
No comments yet.
Want to know More ?
Choose the type of company that you want to register to kick start your business.
Choose the type of license to operate your preferred telecommunication facility .
Choose the type of license for an effortless embarkment on your insurance business.
Choose suitable legal metrological certificate for your product and trade you are dealing in.
Choose the kind of IPR services to protect your intellectual property from theft and plagiarism.
Choose the type of license that you want to register for your technology driven finance company.
Choose the type of compliance to safeguard your business from non-adherence to laws which increases risks of penalties, fines and lawsuits.
Choose the type of certification to ensure customers of your high-quality products and services.
Transform your Business.
