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3000 crore venture capital fund to drive pharma growth
Tuesday, 13 July 2010, 15:00 IST
New Delhi: The government is planning to set up a 
3,000-crore venture capital fund to support the growth of the country's pharma industry.
Ashok Kumar, secretary, pharmaceutical department in the ministry of chemicals, Monday announced this while inaugurating a national convention on biopharma here.
He said the National Institute of Public Finance and Policy (NIPFP) is finalising the bid document and the expression of interest for setting up the fund will be issued this month, according to a release by industry lobby FICCI.
The release quoted Kumar as saying that the government earlier had issued an expression of interest for technical and financial bids for the selection of a global level consultant for preparation of a detailed project report for developing India as a drug discovery and pharma innovation hub by 2020.
The consultant would be selected this month and the report is expected to be ready by the year-end, he added.
FICCI also quoted Kumar as saying that the government is also looking into the industry's demand for setting up a single regulatory authority in place of the existing multiple bodies.
The government is also working on priority basis to build Intellectual Property Rights offices for expeditious approval and rejection of patents.
Source: IANS
3,000-crore venture capital fund to support the growth of the country's pharma industry.
Ashok Kumar, secretary, pharmaceutical department in the ministry of chemicals, Monday announced this while inaugurating a national convention on biopharma here.
He said the National Institute of Public Finance and Policy (NIPFP) is finalising the bid document and the expression of interest for setting up the fund will be issued this month, according to a release by industry lobby FICCI.
The release quoted Kumar as saying that the government earlier had issued an expression of interest for technical and financial bids for the selection of a global level consultant for preparation of a detailed project report for developing India as a drug discovery and pharma innovation hub by 2020.
The consultant would be selected this month and the report is expected to be ready by the year-end, he added.
FICCI also quoted Kumar as saying that the government is also looking into the industry's demand for setting up a single regulatory authority in place of the existing multiple bodies.
The government is also working on priority basis to build Intellectual Property Rights offices for expeditious approval and rejection of patents.
Source: IANS