Govt to set-up Rs 2,000-cr VC fund to promote drug discovery | business | Hindustan Times
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Govt to set-up Rs 2,000-cr VC fund to promote drug discovery

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.

business Updated: Nov 30, 2010 16:53 IST

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.

"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.