An Indo Australian Biotechnology Fund has been set up consisting of six million Australian dollars from the Australian government with matching grant from the Indian government for five years.
The objective of the fund is to develop and support collaborative research activities. It will support Indian and Australian scientists from both the public and private sectors.
An MoU has been signed by the Department of Biotechnology, government of India and Department of Education and Training, government of Australia to set up the Fund.
In the first round priority areas have been identified as bio medical devices and implants, stem cells, vaccines/medical diagnostics, transgenic crops, Nutraceuticals and functional foods, and bio remediation.