The Union Government and World Bank signed a $125 million agreement on April 24, 2018 for the ‘Innovate in India for Inclusiveness Project’ to support India in developing an innovative biopharmaceutical and medical devices industry, which is globally competitive.
The project will support Union Government’s Biotechnology Industry Research Assistance Program (BIRAC).
India is emerging as a global player in many areas including that of bio-generic medicines, vaccinations and medical devices.
The proposed project aims to leverage India’s potential and capability to deliver safe, effective and low-cost vaccines to tackle a host of diseases that affect billions of people around the world.
• The project will nurture next generation technical skills, provide companies with advanced shared facilities to conduct clinical validation and link clinical trial sites with networks of expert advisors and international bodies.
• It will also strengthen all institutions involved in the facilitation and adoption of global innovations, technologies and licensing models.
• The project will also promote industry-academia interface and enable start-ups and small and medium enterprises to build innovation research capacities for developing affordable healthcare products.
• The $125 million loan from the International Bank for Reconstruction and Development (IBRD), has a 5-year grace period and a maturity of 19 years.
About Biotechnology Industry Research Assistance Program (BIRAC)
• The program was set up five years ago to support innovative start-ups and collaborations through strategic partnerships.
• It will now scale-up its efforts across the industry and focus on providing the ingredients that are currently missing in India’s biopharma innovation ecosystem.
• It will facilitate a more collaborative research and development environment (R&D), leverage the expertise of local and international players from both the public and private sectors and make India more competitive.
• It will also help create an ecosystem that facilitates development of a continuous pipeline of products in the health sector.
• This will help India emerge as a low-cost healthcare provider for the world.
Who signed the Agreement?
The agreement for the Project was signed by Sameer Kumar Khare, Joint Secretary in the Department of Economic Affairs, Mohd Aslam, Managing Director of BIRAC and Hisham Abdo, Acting Country Director of World Bank India.
What: Sign agreement