India launched the $250 million dollar worth for the National Biopharmaceutical Mission that includes $125 million loan from the World Bank. This Mission will provide an ecosystem for researchers and entrepreneurs to develop their products.
Now India serves only 2.8% of the global biopharmaceutical market and the goal is to develop India’s market share rise to 5% by 2022. Department of biotechnology (DBT) secretary, Vijay Raghavan said that the Indian pharmaceutical industry, through the link between academia and industry, will move from generic driven to being Indian Intellectual Property-driven.
The objective of the mission is to help the development of 6-10 new products over five years. The World Bank is helping for this project to strengthen the R&D activities. The Minister said that the collaboration with World Bank would allow scientists and entrepreneurs in India to tap into a global network.
The Author is a Patent Specialist from MR Technollect Solutions (www.MRTechnollect.com)