Industry & Economy
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Bio-tech & Genetics
Biotech sector may get Rs 1,000-cr funds
Out Bureau
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The five-year National Biotechnology Development Strategy is in the final stages of approval.
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Bangalore
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Dec. 20
THE biotechnology sector may be able to dip into funds totalling Rs 1,000 crore through various incentive schemes that are offered or may be in the offing, according to Dr M.K. Bhan, Secretary, Department of Biotechnology.
This will be outside the DBT allocation, which is Rs 520 crore for the current fiscal, to fund biotech research projects.
Most of the nascent and fund-starved biotechnology companies have been seeking start-up funds and follow-on injections among others to prop their research projects.
The DBT's five-year National Biotechnology Development Strategy is in the final stages of approval and will make fund flow and regulatory clearances smoother for biotech research when cleared, Dr Bhan said.
The strategy covers issues such as the Rs 100-crore small business incubation research fund, human resource development, four regional technology centres and several centres of excellence, technology transfer and crucial academic and industry linkages needed for the start-ups.
Awards: Dr Bhan was in Bangalore to receive the third annual Biospectrum Person of the Year 2005 award for addressing the concerns of various sectors of biotechnology in the national strategy report.
Dr N.K. Ganguly, Director, Indian Council for Medical Research, New Delhi, was named for Lifetime Achievement Award for path-breaking work spread over 30-40 years. Mr Sudhir Pai, CEO and MD of contract research organisation Lotus Labs was named the Entrepreneur of the Year.
Serum Institute of India's vaccine Q-Vac and Shantha Biotechnics' Shantetra shared the award for the Biotech product of the Year.
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