India to spend Rs 1.5 billion on pharma research

Tuesday, 31 December 2002, 08:00 Hrs
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NEW DELHI: The Indian government Monday said it has earmarked 1.5 billion for setting up a pharmaceutical research and development fund during the 10th five-year plan that started in April this year.

"Making the provision under the department of science and technology, the Planning commission underscored the need to promote research and development in the drug industry," said an official statement issued here.

India is fast emerging as a global hub for developing low cost pharmaceutical products because of its vast pool of qualified professionals and its ability to develop cutting-edge technologies.

According to the statement, the government-run department of science and technology will operate the pharmaceutical research and development fund.

"The department has already initiated the necessary follow-up action to make the fund operational at the earliest," it said, adding the government has also taken various measures to support various research and development programmes.

"As a result of these steps, a number of Indian scientists have been elected as Fellows of Royal Society in various fields including mathematics, chemistry and biology," the statement said.
Source: IANS
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