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HindustanTimes Sun,20 Apr 2014

Govt to set-up Rs. 2,000-cr VC fund to promote drug discovery

PTI  Mumbai, November 30, 2010
First Published: 16:49 IST(30/11/2010) | Last Updated: 16:53 IST(30/11/2010)

The Government is planning to set up a Rs. 2,000-crore venture capital fund to promote drug discovery and strengthen the infrastructure of the pharma sector in the country, a top Government official said on Tuesday.

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"The Government is in the process of appointing a consultant for preparation of a Detailed Project Report (DPR) in this regard (for developing India as a drug discovery and pharma innovation hub).

The total corpus of the fund will be Rs. 2,000-crore," Department of Pharmaceuticals, Secretary, Mukul Joshi, told reporters on the sidelines of a FICCI event on the pharma industry here.

The selection of a consultant would be made by the year-end, he said. Joshi further said that in a bid to give a fillip to the pharma industry, the Government is planning to set up pharma parks.

"The Government is also planning to set up a few pharma parks in association with State Governments in the country. All is in planning stage... nothing has been finalised," Joshi said.

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