Govt taking steps to set up funds to promote pharma sector

The government is taking a number of initiatives to help pharma firms upgrade technology and promote drug discovery and innovation in the country, Parliament was informed on Friday.

The Department of Pharmaceuticals is formulating a Pharmaceutical Technology Upgradation Assistance Scheme to support the pharma industry (medium enterprises only) “to upgrade their regulatory technology compliance from Schedule M of the Dugs and Cosmetics Act, 1940 to WHO-GMP norms by facilitating low interest loans”, Minister of Chemicals and Fertilisers Ananth Kumar said in a reply to the Rajya Sabha.