The Indian government is planning to set up a venture capital fund of INR 500 crores to boost and revive domestic Pharma industry by providing cheaper loans to entities who is seeking loans to establish or upgrade manufacturing facilities.
The government is working on various proposals, including single window clearance for drug approvals, to rejuvenate the local pharma sector and make medicines more affordable.
In a report submitted by the task force formed by Department of Pharmaceuticals (DoP) to chemicals and fertilizers minister Ananth Kumar; various suggestions have been given to strengthen the pharmaceutical industry.
While releasing the report last week, Kumar had said this is in line with the government's agenda of promoting 'Make in India' and the Ministry will take action on all the steps suggested by the task force.
In the report, the task force had also said the DoP may also come up with seed capital and facilitate funding with other financial institutions for the medium and small scale pharmaceuticals industry.
The panel in the report titled 'Recommendations of the Task Force on Enabling Private Sector to lead the growth of Pharmaceutical Industry’ has said DoP may come up with a pharmaceutical specific venture fund, for channelising public resources into drug design and discovery.
Besides this the source added that department is also working on all other proposals including providing soft loan and interest subsidy to the industry as mentioned in the report of the task force.
Meanwhile, Ananth Kumar had also said that government will set up a committee chaired by Pharmaceuticals Secretary to suggest a mechanism for single-window clearance for the pharmaceuticals industry.
Kumar had also said that the government is planning to approve six pharma parks this year at an estimated investment of Rs 180 crore to promote pharmaceuticals manufacturing. @Economic-Times
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