Introduction: PRIP Scheme

The PRIP Scheme (Promotion of Research and Innovation in Pharma MedTech) is a major opportunity for pharmaceutical and medical technology companies seeking to advance innovation. This government-backed initiative provides step-by-step funding and strategic support to innovative projects with high commercial potential.

At Finraja Consultancy Private Limited, we specialize in helping businesses get the most out of the PRIP Scheme, making sure maximum financial benefit while avoiding compliance issues. Our experts guide you through approval rules, funding structures, co-funding requirements, and strategic planning, so your project receives the full advantage of government support.

What is the PRIP Scheme?

The PRIP Scheme is designed to encourage pharmaceutical and MedTech innovation by offering financial assistance to companies that demonstrate high potential in research and development. Key objectives include:

• Fostering strategic priority innovation projects
• Providing milestone-based funding for critical R&D stages
• Making sure financial sustainability and benefit-sharing for successful innovations

Unlike other schemes, the PRIP Scheme emphasizes collaboration between government bodies and private innovators, making expert consultancy essential for accessing its full potential.

PRIP Scheme Financial Assistance

Financial assistance under the PRIP Scheme is structured to support companies across multiple stages of innovation. This includes:

• Component A: Early-stage innovation funding for research and prototype development
• Component B: Advanced-stage funding for product launch and scaling

Financial Assessment: PRIP Scheme

Strategic Priority Innovation Projects (SPIP) under PRIP receive additional support if aligned with government-listed innovation priorities.

For a company seeking ₹3 crore funding under Component B, the company would contribute ₹90 lakh (30%), while the government provides ₹2.1 crore. With successful milestones, total funding can increase by 15–20% as per milestone achievement incentives.

PRIP Scheme Eligibility Criteria

Eligibility is designed to support both active companies and startups in the pharma and MedTech sectors. Key criteria include:

• Registered Pharma or MedTech company in India
• Minimum working experience (usually 2–3 years)
• Proven ability in R&D, innovation, and product launch
• Compliance with IPR, regulatory, and ethical standards

Our consultancy ensures your business meets all approval rules requirements before submission, maximizing approval chances and reducing delays.

PRIP Scheme Application Process with Finraja Consultancy

While many clients find the application process complex, our consultancy handles every step, including:

1. Project Assessment: Evaluating technical feasibility and commercial potential
2. Documentation Preparation: Crafting compelling proposals with all financials, milestone plans, and compliance documents
3. Submission & Liaison: Coordinating with government authorities for timely review
4. Follow-Up & Approval Tracking: Making sure fast approval and addressing queries proactively

Attempting self-application may lead to incomplete submissions or lower funding. Our consultancy ensures a high success rate for PRIP Scheme applications.

PRIP Scheme for Pharma and MedTech Companies

The PRIP Scheme is specifically tailored to benefit:

• Pharmaceutical companies developing new drugs, biologics, or therapies
• MedTech companies innovating in medical devices, diagnostics, and health technology

We provide industry-specific guidance, such as financial modelling, IP strategy, and milestone tracking, helping companies convert innovation into government-supported funding.

PRIP Scheme Components: Component A & Component B

Component A: Early-Stage Innovation Funding

• Focused on research, feasibility studies, and prototype development
• Typically funds ₹50 lakh – ₹1.5 crore per project
• Ideal for startups and early-stage MedTech innovators

Component B: Advanced-Stage Product Launch Funding

• Focused on clinical trials, regulatory approvals, and scaling
• Funding range: ₹2 crore – ₹5 crore per project
• Supports mature projects ready for market entry

We identify which component your project qualifies for and optimize financial outcomes, including milestone-based funding triggers.

Milestone-Based Funding: Project Success

PRIP Scheme funding is released in stages, based on achieving agreed milestones. This ensures accountability and alignment with innovation goals.

Example:

• Milestone 1: Completion of prototype → Release of 25% funding
• Milestone 2: Pre-clinical trials → Release of 35% funding
• Milestone 3: Regulatory approval → Release of 40% funding

Our consultancy manages milestone planning, reporting, and compliance, so clients receive funds on time without administrative stress.

PRIP Scheme Co-Funding Requirement

The government requires a co-funding contribution to encourage financial responsibility. Our consultancy ensures:

• Accurate calculation of co-funding percentages (20–30%)
• Optimal financial structuring for your company
• Efficient allocation of internal resources without risking liquidity

Financial Assessment Example:
For a ₹4 crore project under Component B:

• Government funding: ₹2.8 crore
• Co-funding: ₹1.2 crore

By structuring finances smartly, companies maximize funding while reducing internal cash strain.

PRIP Scheme Benefit Sharing Model

The PRIP Scheme incorporates a benefit-sharing model, making sure both the government and innovator benefit from commercial success.

• Our consultancy strategizes IP and revenue-sharing models, protecting your rights while complying with PRIP regulations.
• We analyze potential ROI and prepare financial projections showing revenue multiples and payback periods.

Example:
If a project funded with ₹3 crore generates ₹10 crore in sales over 5 years, the model ensures:

• Government receives agreed royalties (if applicable)
• Company retains majority of commercial gains

This maximizes incentives for innovation while making sure compliance.

Why Choose Our Consultancy for the PRIP Scheme?

As specialized government subsidy consultants, we provide:

• Complete PRIP Scheme project planning and execution
• Financial assessment and milestone-based funding optimization
• Approval rules assessment, documentation, and submission
• Liaison with government authorities for approval and fund disbursement
• Post-funding reporting and compliance support

Our clients avoid common pitfalls, reduce delays, and achieve higher funding success.

Conclusion: PRIP Scheme

The PRIP Scheme is a powerful tool for Pharma and MedTech companies to accelerate innovation and product launch. However, navigating its complex financial and regulatory framework requires expert consultancy.

By partnering with us, you gain:

• Strategic planning for maximum financial assistance
• Structured milestone-based funding management
• Co-funding and benefit-sharing optimization
• High success rate in application approval

Contact us today to explore how your company can get the most out of the PRIP Scheme for innovation-driven growth.

Call us now: +91 9373114747 or visit finraja.com/contact for quick assistance.