New Delhi, Nov. 8 -- The Centre has extended the deadline for applying for the Rs.5,000-crore Promotion of Research and Innovation in Pharma & MedTech (PRIP) Scheme, planned to facilitate wider participation and help transition India from being a generics producer to a global hub for innovative drug and device development, until 10 November.

Mint explains the rationale behind the extension.

What is the scheme?

While India has earned the moniker of the "pharmacy of the world" for producing affordable generic drugs, it has historically lagged in high-risk, high-reward basic research-particularly in discovering new chemical entities (NCEs) and developing complex novel drugs.

The Rs.5,000 crore government initiative is designed to fix thi...