The Cabinet today gave its nod to a programme for accelerating research for early development of biopharmaceuticals.
The Industry-Academia Collaborative Mission, a pan-India programme, would focus on 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.
The mission will also lay emphasis on the development of vaccines, biotherapeutics, medical devices and diagnostics; establishment of shared infrastructure and facilities; building and strengthening domain specific knowledge and management skills; creating and enhancing technology transfer capabilities in the public and private sector.
It will also aim to transform the health standards of India's population through affordable product development.
The Government of India will give Rs 1,500 crore for five years for the project. 50 per cent of the funds will be arranged through a World Bank loan, a statement said.
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