The government has approved financial assistance of around Rs 1,600 crore for 41 pharmaceutical and MedTech innovation projects under the first round of the Promotion of Research and Innovation in Pharma MedTech Sector (PRIP) scheme.

The Department of Pharmaceuticals said the approved projects cover the innovation chain from novel drug discovery and clinical development to advanced medical technologies.

The projects are expected to attract an additional Rs 3,020 crore in private investment. That takes the total research and development investment across the portfolio to around Rs 4,620 crore.

Of the 41 projects, 12 are at an early stage and 29 are at a later stage of development. Startups and micro, small and medium enterprises account for 19 projects, while 22 are being undertaken by large companies.

In terms of focus, 27 projects concern new medicines and five concern complex generics and biosimilars. The government is also preparing a separate discovery track for startups and MSMEs working on early-stage novel drug research.