The Department of Pharmaceuticals has released updated criteria and announced changes to the program while accepting applications in order to improve its effect and better meet the needs of all parties involved.
Boosting Pharma-MedTech Innovation
In order to make the Pharma-MedTech sector a globally competitive and innovative industry, the government has released a statement inviting submissions for research and innovation projects under its Promotion of Research and Innovation in Pharma-MedTech Sector plan.
The Ministry of Chemicals and Fertilizers said in a statement that the scheme, which has an approved outlay of Rs 5,000 crore, is expected to support approximately 300 projects with a total R&D investment of about Rs 11,000 crore in new medicines, complex generics, biosimilars, and innovative medical devices, thereby catalyzing a Pharma-MedTech innovation pipeline.
The Department of Pharmaceuticals has released updated criteria and announced changes to the program while accepting applications in order to improve its effect and better meet the needs of all parties involved.
Funding Support for Projects
According to the modified policy, MSMEs and startups may apply for up to Rs 9 crore in project costs and get up to Rs 5 crore in support for early-stage projects.
MSMEs and startups may apply for up to Rs 100 crore in support for later-stage projects up to Rs 285 crore, it said.
According to the release, the financial support scale for early-stage projects is 100% for expenditures up to Rs 1 crore and 50% for any costs beyond Rs 1 crore, up to a maximum of Rs 5 crore.
It also said that the financial support scale for later-stage projects is 35% of the project cost, up to a maximum of Rs 100 crore.
Assistance for later-stage projects may reach 50% under the revised plan, up to a maximum of Rs 100 crore.
Strategic Priority Innovation Sectors
Specific uncommon illnesses, antibiotic resistance, vaccine-preventable diseases, tropical vector-borne diseases, and pathogens that cause outbreaks or pandemics are examples of Strategic Priority Innovation (SPI) sectors.
Additionally, the revised plan provides a number of targeted incentives for industry, MSMEs, and startups to work with nationally renowned academic and research government organizations.
According to the statement, the application window started on October 1 via a special site that facilitated a completely digital application procedure.