India promotes precision medicine through R&D funding initiative

India's government is encouraging the development of complex medicines and medical technologies. This initiative is part of the "Promotion of Research and Innovation in Pharma MedTech sector (PRIP)" program announced in the 2023 Union Budget. The Department of Pharmaceuticals recently released a detailed 32-page document. This document invites pharmaceutical and MedTech companies to propose research and development projects. The aim is to make India a leading research and development hub in these sectors. The PRIP program has six priority areas for funding. These include the development of new drugs, complex generics, precision medicine, medical devices, drugs for rare diseases, and solutions for antimicrobial resistance. The total funding available is Rs 5,000 crore, with most allocated to support research efforts. Interested companies must meet certain criteria to apply for funding. They can receive varying amounts of financial support based on their project’s stage of development. For more established companies, the funding can cover up to 35% of the total project cost, capped at Rs 125 crore for larger firms. Startups and smaller companies can also apply. They may receive up to Rs 1 crore for their projects, depending on their stage of development. The focus is on projects that show promise in priority areas and collaboration with government research institutions. Overall, this initiative aims to boost innovation and strengthen India's position in the global pharmaceutical and MedTech industries.