New Discovery Track for Startups and MSMEs with Financial Assistance upto Rs.50 cr under PRIP Scheme announced

India, Sept. 30 -- The Government of India has issued a release:

In order to encourage discovery, development and commercialisation of new medicines and to support Start-ups and MSMEs, the Department of Pharmaceuticals, has announced a New Discovery track under the Promotion of Research and Innovation in Pharma & MedTech (PRIP) Scheme for undertaking Pharma Innovation projects. The objective is to encourage and enable start-ups and MSMEs to venture in to high-risk innovation ecosystem for discovery of new drugs and therapies.

This new track seeks to address a critical funding gap in early-stage novel drug discovery. Financial assistance of upto Rs.50 crore per company/project/portfolio of projects will be provided, subject to a minimum co...