Govt to turn pharma venture capitalist

The government is planning to set up a Rs 2,000 crore venture capital fund to promote drug discovery and strengthen infrastructure of the pharma sector in the country,a top government official said today.

8220;The government is in the process of appointing a consultant for preparation of a Detailed Project Report DPR in this regard for developing India as a drug discovery and pharma innovation hub. The total corpus of the fund will be Rs 2,000 crore,8221; Department of Pharmaceuticals Secretary Mukul Joshi told reporters on the sidelines of a FICCI event on the pharma industry here.

The selection of a consultant would be made by the year-end,he said.

Joshi further said that in a bid to give a fillip to the pharma industry,the government is planning to set up pharma parks.

8220;The government is also planning to set up a few pharma parks in association with state governments in the country. All is in planning stage8230; nothing has been finalised,8221; Joshi said.