Financial Daily from THE HINDU group of publications
Tuesday, Apr 18, 2006
Financial Daily from THE HINDU group of publications Tuesday, Apr 18, 2006 |
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New Projects Industry & Economy - Bio-tech & Genetics Government - Policy `Govt to accord priority to biotech sector' Our Bureau,
BOOST TO BIOTECH: The Union Finance Minister, Mr P. Chidambaram, with the Biocon Chairman and Managing Director, Ms Kiran Mazumdar-Shaw, at the inauguration of the Biocon's new Biologics facility in Bangalore on Monday. — G.R.N. Somashekar
Bangalore , April 17 The Union Finance Minister, Mr P. Chidambaram, on Monday said the Government would accord the same importance to biotechnology that the information technology sector had been given. Assuring the Centre's support to the sector, Mr Chidambaram also exhorted the private sector to focus on research and development to produce drugs at an affordable rate for weaker sections of society. Inaugurating the Biocon Pharmaceuticals' multi-product biologics facility at `Biocon Park', a joint venture between Biocon and Cuba's Centre of Molecular Immunology here, Mr Chidambaram said he was awaiting a report of the `Knowledge Commission', set up by the Government to make more investments in the fields of IT and BT.
Budgetary allocation
Recalling the budgetary allocation of Rs 100 crore each to the Calcutta, Mumbai and Madras Universities to upgrade them into centres of excellence, he said they would be pursuing nanotechnology for their study. However they would be pursuing separate subjects, while maintaining the synergy to tap the nanotechnology's benefits to the society.
The facility
Earlier, Ms Kiran Mazumdar-Shaw, Chairperson of Biocon Group, said the new facility was designed to develop and manufacture a broad range of novel and bio-similar therapeutic products through large scale cell-culture fermentation for the treatment of cancer, auto-immune and metabolic diseases. The new facility, set up at a cost of Rs 100 crore, is expected to release new drugs to treat tobacco related cancer by the end of this year after obtaining the approvals from regulatory authorities. Ms Mazumdar-Shaw said BIOMAb EGFR, a monoclonal antibody for the treatment of solid tumours of epithelial origin such as head and neck cancer, had gone through the required clinical development time-line.
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