New Delhi, Oct. 3 -- India, the world's pharmacy for low-cost generics, is attempting a major upgrade.

The Department of Pharmaceuticals has opened applications for the Rs.5,000 crore program aimed at funding research and development (R&D) in the pharma and med-tech sectors. The initiative seeks to support companies and startups in developing new drugs, complex generics, and medical devices, marking a major push towards innovation.

The scheme, called the Promotion of Research and Innovation in Pharma-MedTech, represents the government's effort to move India beyond its traditional role as a low-cost generics manufacturer and towards becoming a global innovation hub.

Mint explains the scheme's key objectives, funding model, and what it c...