Rs 2K-crore pharma VCF on cards

With a view to making India as a major hub for pharma exports and to give a boost to research and development (R&D) efforts, the government is considering setting up a venture capital fund (VCF) with a corpus of ` 2,000 crore.

“The proposal is under the active consideration of the government. We are in talks with various banks and EXIM Bank of India for funding it,” Commerce and Industry Minister Anand Sharma said on Tuesday while chairing the first meeting of the Consultative Group on Pharmaceutical Exports.

Besides reviewing the status of pharma exports and developments in the global market, the group also discussed measures on supporting innovation and R&D in the pharma sector.

Assuring industry players that a Committee of Secretaries will be set up to consider the suggestions to take domestic pharma industry on a growth trajectory in a time bound manner, he said the progress will be reviewed after three months.

On allowing 100% FDI in brownfield projects, Sharma said the secretaries panel will also look into the concerns relating to it. Industry captains made a strong plea for timely approvals and procedural simplification by Drug Controller General of India for clinical trials, import of samples etc.