In a move aimed to promote research and development (R&D) across the pharmaceutical and medical technology sectors, the Union Health Ministry has allocated Rs. 5,000 crore for a period of five years. The allocated fund aims to push for research across the private sector by setting up incubation centres. The Promotion of Research and Innovation in Pharma-MedTech sector (PRIP) scheme aims to transform the Indian pharma medtech sector from cost-based competitiveness to innovation-based growth. The overall policy comprises two five-year plans, the implementation of which will be overseen by a task force headed by the Union Health Minister.
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