New Delhi, Oct. 1 -- The Department of Pharmaceuticals (DoP) is set to provide critical gap funding to start-ups and micro, small and medium enterprises (MSMEs) pursuing high-risk innovation in new drug and therapy development under the Rs 5,000 crore Promotion of Research and Innovation in Pharma and MedTech (PRIP) Scheme.

The new funding track will support early-stage novel drug discovery projects and is aimed at accelerating research and investment in pharmaceuticals and medical devices.

Under the initiative, financial assistance of up to Rs 50 crore per company, project or portfolio of projects will be provided, subject to a minimum co-funding of 25 per cent of the project cost from bona fide institutional investors, the DoP said on...