The Association of Biotechnology Led Enterprises (ABLE) has lauded the NDA government at the Centre for demonstrating its commitment in recognizing the biotechnology sector as the next knowledge economy frontier.
The election manifesto released by the ruling NDA government provides a variety of measures for higher funding in the sector, apart from measures to be introduced to strengthen the patent regime and streamline the regulatory procedures for product approvals.
"The government will strengthen support for the biotech industry through a variety of measures, including greater funding for development of world-class R&D capabilities. Besides supporting private R&D projects, greater public-private partnership between industry and academic institutions will be encouraged. The patent regime will be strengthened," stated the manifesto.
Further, the manifesto mentions that licensing procedure for biotechnology industries will be streamlined and delays in clearances will be eliminated by completely overhauling existing regulatory agencies. There will be a single-point clearance for biotech products, to be issued within sixty days. An action plan will be prepared to make India a global platform for research, design, and development.
According to Kiran Mazumdar-Shaw, "By specifically addressing the Biotechnology sector and charting out a road map to propel the growth of this sector, the NDA in its election manifesto has shown its commitment towards making India a frontrunner in biotechnology. She lauded the Government for the vision it has shown."
Nitin Deshmukh, director general, ABLE said that the Association is enthused by the proactive announcement of the Government in making specific reference to alleviating the concerns on regulatory matters and funding needs of the Industry which will certainly create a very positive entrepreneurial environment and catalyse the growth of the sector and the economy.