‘Invest $1-2 bn to make India pharma hub’

Seeking to make India one of the top five global pharmaceutical innovation hubs by 2020,the department of pharmaceuticals....

Written by ENS Economic Bureau | New Delhi | Published:February 28, 2009 1:20 am

Seeking to make India one of the top five global pharmaceutical innovation hubs by 2020,the department of pharmaceuticals has sought Prime Minister Manmohan Singh’s approval for launching an initiative entailing an annual investment of Rs 5,000-10,000 crore.

“Our endeavor is to make India a global pharmaceutical innovation hub by 2020 to provide low-cost healthcare for life threatening diseases. The programme,which would generate more than 5,00,000 jobs,would need an investment of about $1-2 billion annually until 2020. This would ensure around Rs 1,00,000 crore additional GDP contribution to the economy,” chemicals minister Ram Vilas Paswan said.

Department secretary Ashok Kumar said global consultancy firm Mckinsey helped in formulating the entire programme on which work would begin following receipt of the PM’s approval. He said the opinions of 15 private pharmaceutical companies had been solicited before beginning work on the concept paper.

Kumar added that there is every likelihood that one out of every 5-10 drugs discovered by 2020 will be discovered in India. The department would be involved in building infrastructure for talent and research,encouraging PPP in infrastructure development,offering financial incentives to encourage and incubate innovation,besides shaping a favourable regulatory environment.

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