With a view to promote research and development in the pharmaceutical sector, the government plans to provide soft loans of INR 100 crore to the industry in the current fiscal.
In a statement laid in the Lok Sabha, Minister of Chemicals, Steel and Fertilisers Ram Vilas Paswan said the Department of Science and Technology (DST) under Drugs and Pharmaceutical Research Programme would provide soft loans of INR 100 crore.
He said Department of Scientific and Industrial Research (DSIR) would continue to carry out new drug development in parasitic and microbial diseases, anti-cancer, diabetes and asthma among others.
The Department of Chemicals and Petrochemicals would assist National Institute of Pharmaceutical Education and Research to carry out R&D activity for diabetes, tuberculosis, malaria and leishmaniasis among others, as per the statement.
Department of biotechnology would promote research in biotechnological drugs including vaccine development. Paswan said last fiscal, government invested INR 227 crore for research and development in the drug and pharma space.
The DST and the Council of Scientific and Industrial Research (CSIR) invested INR 118 crore and 59.91 crore respectively last fiscal. While DSIR invested INR 2.3 crore last fiscal, the department of biotechnology spent INR 38.18 crore, according to the statement.