New Delhi, Oct. 15 -- India's Department of Pharmaceuticals has invited applications for the second round of its Promotion of Research and Innovation in Pharma & MedTech (PRIP) scheme, offering startups and micro, small, and medium enterprises (MSMEs) up to Rs.50 crore each for new drug discovery, the government said on Thursday.

The PRIP scheme has a total financial outlay of Rs.5,000 crore, which includes Rs.700 crore to establish Centers of Excellence (CoEs) at seven National Institutes of Pharmaceutical Education & Research (NIPERs), and Rs.4,200 crore to accelerate investments in the R&D ecosystem within the sector. The initiative will operate until the financial year 2029-30.

Highlighting the purpose of this second round of fundin...