CCEA approves extension of grants-in-aid to Indian Pharmaceutical IndustryJune 26th, 2008 - 6:50 pm ICT by ANI
New Delhi , June 26 (ANI): The Cabinet Committee on Economic Affairs today gave its approval for extending grants-in-aid to Indian Pharmaceutical Industry for R and D projects.
The aid would involve Clinical Trials (Phase-I, II and III) to develop new drugs for neglected diseases of tropical region under Drugs and Pharmaceuticals Research Programme of Department of Science and Technology.
Department of Science and Technology has been implementing the Drugs and Pharmaceuticals Research Programme (DRPR) since 1994-95 as a Plan Programme to support pharma industry institutional collaboratrive R and D projects and infrastructure development.
From 2004-05 onwards this programme has extended soft loans to pharma industries for R and D projects to the tune of 70 per cent of total project cost at a simple annual rate of interest of 3 per cent with 10 years of instalment repayment period beginning from the end of project duration.
An amount of Rs.45.00 crore during the 11th Five Year Plan has been earmarked to help Pharma Industry. This amount can be enlarged as the programme develops further.
It would help in developing new drugs for the neglected diseases of tropical region such as Tuberculosis, Malaria, Kala-azar, filariasis etc. which are still a big threat in the Indian sub-continent. (ANI)
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Tags: cabinet committee, clinical trials, crore, department of science and technology, economic affairs, filariasis, indian pharmaceutical industry, indian sub continent, infrastructure development, malaria, New Delhi, new drugs, project duration, rate of interest, repayment period, science and technology, soft loans, technology department, tropical region, tuberculosis