State to set up venture fund, incubator complex for biotech startups: CM

Published - February 09, 2015 03:19 pm IST - Bengaluru:

Chief Minister Siddaramaiah. File Photo.

Chief Minister Siddaramaiah. File Photo.

With an assurance to set up a venture capital fund and an incubator complex in the city for start-ups in the biotechnology sector, Chief Minister Siddaramaiah launched the 15th edition of the Bangalore INDIA BIO here on Monday.

The three-day event will see seminars, discussions and conferences by nearly 110 speakers, with delegations from more than 15 countries participating.

Inaugurating the event, Mr. Siddaramaiah said the aim was to become a “bio-economic” centre of the world, and that the bio-policy was being tweaked to enable an environment of growth. Bengaluru already accounts for 52 per cent of all biotech companies in the country, he said.

“We have proposed to set up a centre for bio-molecular engineering, which is an emerging field. We hope the Union Government gives clearance at the earliest,” said the Chief Minister.

Similarly, Information Technology and Biotechnology Minister S.R. Patil said 12 biotechnology finishing schools – which offer a one-year programme after undergraduation – are being constructed to ensure a steady supply of “quality” professionals to the field.

While Union Environment Minister Prakash Javadekar emphasised the need to innovate, Petroleum Minister Piyush Goyal said the biotech industry should focus on soil health, preventive healthcare and water contamination in drinking water.

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