Govt taking steps to set up funds to promote pharma sector - Feedback

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 today.

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 Dugs 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.

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