New Delhi: The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Mr Narendra Modi has given its approval for Industry-Academia Collaborative Mission for accelerating discovery research to early development for biopharmaceuticals – “Innovate in India- empowering biotech entrepreneurs & accelerating inclusive innovation” to be funded by the Government of India. The Mission will be implemented by Biotechnology Industry Research Assistance Council (BIRAC) – a Public Sector Undertaking of Department of Biotechnology (DBT).
The Mission Program would be a Pan-India program. The key focus areas of the program would aid in preparing India’s technological and product development capabilities in the biopharmaceutical sector to a level that it is globally competitive over the next 10-15 years and will transform the health standards of India’s population through affordable product development.
Total project cost to be funded by Government of India is US $ 250 million (Rs 1500 crore) for five years. The 50 percent cost (US$ 125 million) for the Mission Programme will be arranged through the World Bank loan.