On June 30, 2017, Science and Technology Minister Harsh Vardhan launched National Biopharmaceutical Mission. This programme has been named Innovate in India (i3).
About National Biopharmaceutical Mission – i3:
National Biopharmaceutical Mission is the first ever Industry-Academia mission to accelerate biopharmaceutical development in India.
- It is a $250 million dollar initiative that includes a $125 million loan from the World Bank.
- Despite India being a forerunner in developing life saving drugs and low cost pharmaceutical products, it currently serves only 2.8% of the global biopharmaceutical market. Mission goal is to expand India’s market share to 5% resulting in an additional business opportunity of $16 Billion.
- The thrust areas for the mission are vaccine development, biotherapeutics, diagnostics and development of medical devices.
- With a view to encourage cooperation between the various ministries, an inter-ministerial steering committee will oversee the mission.
- The mission will create an ecosystem to support researchers and entrepreneurs in health sector by providing shared infrastructure, financial support and also encouraging exchange of ideas among stakeholders.
- The target is to help in the development of 6-10 new products over five years, which is the current life of the mission.
- This is the first time World Bank is helping in a project to strengthen the R&D activities in any country. Partnering with World Bank would allow scientists and entrepreneurs in India to tap into a global network.
Implementation of National Biopharmaceutical Mission:
The mission will be implemented by Biotechnology Industry Research Assistance Council (BIRAC), a Public Sector Undertaking of Department of Biotechnology.
- BIRAC will bring together expertise from national and international corridors to provide strategic guidance and direction to move promising solutions through the product development value chain.