The National Biopharma Mission was approved by the Cabinet for implementation in May 2017 with a total cost US$ 250 million (Rs 1500 crore) which is co-funded World Bank 50%. It is an Industry-Academia Collaborative Mission of Department of Biotechnology (DBT) for Accelerating Early Development for Biopharmaceuticals. The program named Innovate in India (i3) will witness an investment of USD 250 million with USD 125 million as a loan from World Bank and is anticipated to be a game changer for the Indian Biopharmaceutical industry. Currently India has only 2.8% share in the global biopharmaceutical market, the program would elevate this to 5% resulting in an additional business opportunity of 16 Billion USD.
Objective of National Biopharma Mission
The aims and objective of National Biopharma mission is to enable and nurture an ecosystem for preparing India’s technological and product development capabilities in biopharmaceutical to a level that will be globally competitive over the next decade, and transform the health standards of India’s population through affordable product development
Implementing Agency
The Mission is to be implemented by Biotechnology Research Assistance Council (BIRAC)-a Public Sector Undertaking of Department of Biotechnology. It will bring together expertise from national and international corridors to provide strategic guidance and direction to move promising solutions through the product development value chain.
Benefits of National Biopharma Mission
- It promises to boost the growth curve for domestic biopharma in India
- It will provide a holistic and integrated approach to strengthen and support the entire product development value chain for accelerating the research leads to product development.
- It will help to create an ecosystem which will facilitate development of a continuous pipeline of products.
We hope you liked this article. Here are some useful government schemes for you to read next:
Download this article as PDF
Click to go to RBI Grade B Preparation Page | Click to read more government schemes