The Biotechnology Industry Research Assistance Council (BIRAC) has launched an equity fund “BIRAC AcE Fund” to address to accelerate the growth of entrepreneurs, in the field of biotechnology.
The equity fund is aimed at addressing the pressing needs of accelerating the growth of entrepreneurs, in the field of biotechnology. This fund will be operated by BIRAC, a public sector undertaking under the department of biotechnology, ministry of science & technology, Government of India with incubators and business accelerators, as its partners.
The minister of state for science & technology and earth sciences Y S Chowdary announced the launch of–“BIRAC AcE Fund” on March 19.
Speaking on the occasion of the third foundation day of BIRAC in New Delhi yesterday, the minister expressed hope that this major step taken by the government would dramatically change the landscape of the biotech start-up ecosystem in the country. He said that this is important and a major decision wherein the government will be a partner in equity funding for start-ups. The minster also mentioning several budgetary provisions that are aimed at encouraging self employment and start ups said that a help-desk is proposed to be set up in his ministry for people wanting to know of these schemes.
Y S Chowdary also inaugurated a two day panel discussions, to make biotechnology one of the drivers of the ‘Make in India’ programme. The theme for the foundation day is “Accelerating Innovations: India the Next Biotech Global Hub”. Several eminent speakers from the field of Biotechnology including senior bureaucrats from DIPP, ICMR, department of pharmaceuticals and senior industry leaders such as Dr Kiran Mazumdar-Shaw, CMD, Biocon will participate in panel discussions. Among themes for discussion are topics like - India the next global biotech hub: The status of our readiness?, India a bio-manufacturing hub: Bridging the paradigm for quality and affordability, Leveraging partnerships to make in India : Collaborating with national and international partners for enhanced competency. A plenary talk on- ‘Make in India’: a Perspective on the Biotech Sector: the opportunities, the enablers and the challenges, is also scheduled to be delivered by the chairman and managing director, Biocon Dr Kiran Mazumdar Shaw.
Over 250 scientists, entrepreneurs & industry experts, and policy makers will participate. The focus of the discussion would be on India’s readiness to meet the challenges of “Make in India” in the biotech sector.