29 June 2017 | News
Innovate in India (i3) will create an enabling ecosystem to promote entrepreneurship and indigenous manufacturing in the sector
In order to accelerate discovery research to early development for biopharmaceutical, Dr Harsh Vardhan, Cabinet Minister for Science and Technology, Earth Sciences, Environment, Forests and Climate Change will launch the first ever industry-academia mission on 30th June 2017.
Innovate in India (i3) will create an enabling ecosystem to promote entrepreneurship and indigenous manufacturing in the sector. It will witness an investment of USD 250 million with USD 125 million as a loan from world bank.
India has been an active player in the pharmaceutical industry and has contributed globally towards making life saving drugs and low cost pharmaceutical products accessible and affordable for those in need. Be it the Rotavirus vaccine, heart valve prosthesis or affordable insulin, India has been a forerunner in these and many more.
Despite, these advances Indian biopharmaceutical industry is still 10-15 years behind their counterparts in the developed countries and faces stiff competition from China, Korea and others. The lacuna primarily exists due to disconnected centers of excellence, less focus on translational research and staggered funding. There was an immediate need felt to focus on consolidated efforts to promote product discovery, translational research and early stage manufacturing in the country to ensure inclusive innovation.
i3 will address these gaps with a mission to make India a hub for design and development of novel, affordable and effective biopharmaceutical products and solutions.
The aim of the Mission is to “Enable and nurture an ecosystem for preparing India’s technological and product development capabilities in biopharmaceuticals 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”
It is a flagship program of the Government of India in collaboration with World Bank, it promises to boost the growth curve for domestic biopharma in India by accelerating the translation of research concepts into viable products, supporting clinical validation, enabling sustainable networks for collaboration between industry and academia, and supporting entrepreneurial ecosystem amongst many others.
Innovate in India will be implemented by Biotechnology Industry Research Assistance Council (BIRAC)