New Delhi: The government is planning to set up a venture capital fund with a corpus of Rs 2,000 crore aimed at strengthening research and development capabilities in the pharmaceutical sector.
Commerce, industry and textiles minister Anand Sharma, who chaired the first meeting of the consultative committee on pharmaceutical exports on Tuesday, said a panel of secretaries would also be set up to devise a strategy for the growth of the pharma industry and address the concerns. The progress would be reviewed after three months. "We are considering a proposal of venture capital fund of Rs 2,000 crore for the drug industry. We are talking with Exim Bank for this," Sharma told reporters.
He assured industry representatives that the government will take up the issue of non-tariff barriers being mounted by the US and the EU against Indian pharma industry in bilateral forums at appropriate levels. "The government is fully committed to support this vibrant sector," Sharma said.
The minister said substantial opportunities exist for Indian pharmaceutical industry in emerging economies such as Russia, Africa, South America.
The industry leaders made a strong plea for timely approvals and procedural simplification by the Drug Controller General of India for clinical trials, import of samples among other issues. They also urged liberal funding through venture capital vehicle for giving an impetus to R&D. The industry said the domestic pharma sector is capable of doubling exports if the right policy initiatives are taken.
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