The Union Cabinet has given the nod to the Department of Biotechnology to set up a not-for-profit company to provide support to biotech firms towards developing research findings into innovation products.
The section 25 company, the Biotechnology Industry Research Assistance Council, would help provide the needed infrastructure and services at different stages of the value chain for promoting innovation and product development.
Among other things, it would provide support services such as facilitation of intellectual property, and regulatory and clinical trial, as also mentoring and capacity-building.
Industry and academia
An official release said it would function as the government's inter-phase agency for supporting industry-academia interaction, and serve as a single window for promoting the emerging biotech industry. It would operate with a core budget for its regular activities and recurring expenses for human resources and operational costs, with an initial outlay of Rs. 70 crore for two years.