Govt ups initiatives to set up funds to promote pharma sector

New Delhi : The government is taking a number of initiatives to help pharma firms upgrade technology and promote drug discovery and innovation in the country, Parliament was informed.

The Department of Pharmaceuticals is formulating a Pharmaceutical Technology Upgradation Assistance Scheme to support the pharma industry (medium enterprises only) "to upgrade their regulatory technology compliance from Schedule M of the Drugs and Cosmetics Act, 1940 to WHO-GMP norms by facilitating low interest loans", Minister of Chemicals and Fertilisers Ananth Kumar said in a reply to the Rajya Sabha.

Compliance to World Health Organization-GMP (good manufacturing practices) norms are necessary to enter export markets in most countries, he added.

"The Department of Pharmaceuticals is also formulating a Venture Capital Fund Scheme to promote drug discovery and pharma innovation in the country," Kumar said.

Recently, the government has also said it is looking at the financial viability for providing Rs 200 crore each to three new bulk drug manufacturing parks in order to create common minimum facilities.