Centre plans Rs 500 crore VC fund for pharmaceutical firms

The government plans to set up Rs 500 crore venture capital fund to boost domestic pharma industry and provide cheaper loans to entities looking to establish or upgrade manufacturing facilities.

The government is working on various proposals, including single window clearance for drug approvals, to rejuvenate the local pharma sector and make medicines more affordable.

The steps were suggested by a task force formed by the DoP in a report submitted to chemicals and fertilisers minister Ananth Kumar. While releasing the report last week, Mr Kumar had said this is in line with the government’s agenda of promoting ‘Make in India’ and the ministry will take action on all the steps suggested by the task force.