In a push to develop India as a global biopharma manufacturing hub, finance minister Nirmala Sitharaman introduced a new scheme “Biopharma SHAKTI (Strategy for Healthcare Advancement through Knowledge, Technology and Innovation” with an outlay of INR 10,000 Cr for five years to boost research, manufacturing, and innovation in the biotechnology and pharmaceutical sector. In her Budget speech, the FM said that the aim of the mission is to build an ecosystem for domestic production of biologics and biosimilars. Under the scheme, the government will build a biopharma-focused network with three new National Institutes of Pharmaceutical Education and Research (NIPER) and upgrade seven existing institutions. “It will also create a network of 1,000 accredited India clinical trial sites,” she noted. The government will also look at strengthening the Central Drug Standard Control Organisation (CDSCO) to meet global standards. Sitharaman said that the initiative would address a growing concern of rising non-communicable diseases in the country, where diabetes, cancer and autoimmune diseases are accounting for more mortality rates. As per the latest data, non-communicable diseases (NCDs) have become the leading cause of mortality in India, with their share of total deaths rising from 37.9% in 1990 to over 63% by 2023. Driven… Read MoreInc42 Media
