Govt Enters Biotech-Championing Finance Agreement with World Bank
The Central Government of India has now reportedly entered a financial agreement with the World Bank which will allow the latter help India in developing an innovative biopharmaceutical and medical devices industry.
The USD 250 million agreement between Biotechnology Industry Research Assistance Council, a PSU of Department of Biotechnology, Department of Economic Affairs, Ministry of Finance and International Bank for Reconstruction and Development on behalf of World Bank), which is intended for five years with 50 percent funding through the World Bank Loan, is aimed at the development of novel, affordable and effective biopharmaceutical products.
This project will nurture next-generation technical skills; provide companies with advanced shared facilities to conduct clinical validation; link clinical trial sites with networks of expert advisors and international bodies; and strengthen all institutions involved in the facilitation and adoption of global innovations, technologies, and licensing models.
This Programme of DBT would strengthen the translational capability of academic researchers; empower bio-entrepreneurs and SMEs by decreasing the cost and risk during early stages of product development and also elevate the innovation quotient of the industry.
The global experience of World Bank would be instrumental in building sustained global linkages, technical assistance and knowledge flow between public-private partners for business
promotion in the biotech sector.This mission will mark the beginning of a new partnership between DBT and World Bank. It is envisaged that this programme will revolutionize the Biotech market. It will help deliver 6-10 new products in the next five years, create several dedicated facilities for next-generation skills, and hundreds of jobs in the process.
