The Department of Biotechnology (DBT) has sanctioned Rs.20.05 crore for the biotechnology incubator center (BTIC) to be set up at Hyderabad, being implemented by the Institute of Chemical Technology (IICT), Dr Manju Sharma, advisor for Ministry of Science and Technology said on Thursday. She was at Hyderabad to deliver Diamond Jubilee Bhatnagar Memorial Lecture at IICT.
The India's first biotech incubation centre is to come up at Shapoorji Pallonji Biotech Park in Hyderabad. The BTIC will provide assistance to start-up biotech companies and its equity base may be increased by an additional Rs.5 crore through private participation.
The incubator will provide opportunities in areas of enzymes, organic intermediates, antibiotics, recombinant proteins, biopharma products, primary and secondary metabolites and biospecialties. R&D and industry relations are likely to grow through the incubator as incubators play a key role in developing new ideas and making those ideas viable.
Seeing the growth potential of biotechnology based industries in the state, the Department of Biotechnology, Department of Industries and Commerce, Government of Andhra Pradesh and the Council of Scientific & Industrial Research (CSIR) have established a strategic linkage to set up this centre.
Chandrababu Naidu recently stated that incubators are very essential for biotech companies. And realising its importance, government of AP has agreed to provide infrastructure support and land, whereas government of India is to support for necessary equipments.
The incubator is expected to be fully operational within two years. The IICT is to establish and commission the biotech incubator. It will also source technologies from various national laboratories and academic institutions.