Pill Power: India's Rs 5,000 Crore Prescription for Pharma Dominance

Union Health Minister Mansukh Mandaviya has launched the Scheme for Promotion of Research and Innovation in Pharma MedTech Sector (PRIP), a Rs 5,000 crore scheme to revolutionize India's pharma sector. The five-year plan, FY24-28, aims to drive the industry's value from $50 billion to $130 billion by 2030. The main provisions are setting up seven centers of excellence in Tier-I cities and helping private companies come up with new drugs and medical technologies. The scheme aims to bring in an additional Rs 17,000 crore worth of investments, generate high-value jobs, and introduce 30 new technologies or drugs in the next five years. This move is a strategic one that highlights India's aspiration to emerge as a world leader in pharmaceutical innovation and self-sufficiency.

 

Sources: The New Indian Express, Press Information Bureau, Economic Times