Current Affairs - National - Discussion

To develop an innovative biopharmaceutical and medical devices industry in India, Government of India and the World Bank signed an agreement. The aim is to make India a hub for design and development of novel, affordable and effective biopharmaceutical products. The agreement has signed at a cost of USD 250 million for five years with 50 per cent funding through the World Bank Loan. The agreement for the Project was signed by Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India; Mohd. Aslam, Managing Director, Biotechnology Industry Research Assistance Council (BIRAC); and Hisham Abdo, Acting Country Director, World Bank India, on behalf of the World Bank. It will also encourage to develop promote industry-academia interface and enable start-ups and small and medium enterprises to build innovation research capacities for developing affordable healthcare products.