Government Unveils Pharma-MedTech Innovation Boost

The government has announced a major initiative to enhance innovation in the Pharma-MedTech sector through its Promotion of Research and Innovation in Pharma-MedTech Sector scheme. Aiming for global competitiveness, the scheme has an approved budget of Rs 5,000 crore, supporting around 300 projects with a combined R&D investment of Rs 11,000 crore, according to the Ministry of Chemicals and Fertilisers.

The scheme, which encourages MSMEs and startups to apply, includes amendments to refine the approach and extend comprehensive support. For early-stage projects, the financial aid covers 100% of costs up to Rs 1 crore, with later-stage projects eligible for up to 35% assistance, capped at Rs 100 crore. Strategic areas include rare diseases, vaccine-preventable diseases, and pandemic pathogens.

The initiative promotes industry collaboration with esteemed academic and research institutions and simplifies applications through a new digital portal operational from October 1, aiming to streamline the process and enhance global competitiveness in the Pharma-MedTech sector.

(With inputs from agencies.)