More new drugs, vaccines and diagnostics in the offing
A large number of new drugs, vaccines and diagnostics are to enter the market soon via the bio-tech route. Several are in the pipeline awaiting approval of the regulatory authorities. This was disclosed by the Minister for Human Resource Development and Science & Technology, Dr. Murli Manohar Joshi, at a meeting of the bio-tech industry, here today. It was called to discuss a strategy for the future, taking into consideration the present bio-tech industry scenario. EOC’s and representatives of the bio-tech industry attended among others.
Dr. Joshi said that the main aim of the meeting was also to see how more industrial investment can be brought into the bio-tech sector as well as various aspects pertaining to commercialisation, patents, human resource development and employment generation in the field. Describing the potential in bio-tech sector as enormous Dr. Joshi urged young entrepreneurs and researchers to venture into the field not only for self-betterment but also for the good of the society. The blend of biotechnology and information technology i.e. Bio-informatics is a new gateway for industrial development with unlimited opportunities, in the 21st century, he said. He suggested initiation of bio-nanotechnology for further advancement in the field.
Dr. Joshi also pointed out that in today’s liberalised policies scenario, industrial licensing allows automatic registration process. There is 100 per cent rebate on R&D expenditure by a company and 125 per cent rebate if the research is contracted to a public funded R&D institution. These have enthused the corporate sector to set up their own R&D units, to develop indigenous technologies, he said. Today, 100 per cent equity investment is possible in all industrial sectors. This has led to establishment of technology parks in different sectors especially in the knowledge-based industry like drugs and pharmaceuticals, IT and BT. The new advances in BT have raised many issues in modern science. Concerns have also been raised in various programmes especially engineering of organisms and altering of the genes. These have also to be taken into account, he added.
The Secretary, Department of Biotechnology, Dr. Manju Sharma said, that considering the enormous potential of biotechnology, for agriculture, health and environment, the meeting has assumed greater significance for promoting new products, processes and technologies.