The Innovate in India for Inclusiveness mission, to which the World Bank has committed $125m (€117m), will focus on a number of industry areas, including the development of early stage bio-manufacturing, vaccines, biosimilars, and medical devices.
According to World Bank representatives Manju Haththotuwa and Jorge Coarasa, in order to build India’s industry revenue, the country must focus on biopharmaceuticals.
“To achieve the Government of India’s aim of creating a $100bn biotech industry by 2025, the focus has to be on generating new biopharmaceutical products targeted at India’s public health priorities, promoting innovation in technologies and R&D, establishing India as a world class bio-manufacturing hub, and building the required skilled workforce for accordable and accessible health technologies,” they said.
The investment will also improve infrastructure and technology transfer capabilities.
The mission will be implemented across the country by the Biotechnology Industry Research and Assistant Council (BIRAC), who said that the program will make India a hub for the design and development of affordable biopharmaceutical products.
The project will run until 2023.