The government of India is expected to announce the National Biotech Policy in January 2005. The policy is the need of the hour for the industry and it will go a long way in streamlining several issues that are currently affecting the sector.

"We are looking at a policy framework now and it is important that we address and look at the issues periodically to update the necessary requirements", stated Dr Maharaj Kisan Bhan, secretary, department of biotechnology, at the second annual BioSpectrum Awards function here.

Dr Cyrus Poonawalla (left), chairman, Serum Institute of India receiving the BioSpectrum "Person of the Year" award from MK Bhan, secretary, department of biotechnology, in Bangalore. Poonawalla bagged the award for his efforts in placing India on the vaccine map of the world.

Formulation of the National Biotech Policy is in the stages of finalisation and it is expected to give a boost to the sector. Around 150 people are currently involved in bringing out the policy. Out of these 75 members are from various government departments and academia and the remaining are representatives from the industry.

The Policy has been designed in such a way to address issues in the areas of Intellectual Property Rights, fiscal aspects, promoting innovations and commercialisation to name a few. There are Working Groups for each of the segments, he informed.

Each of the Working Groups has provided the department of biotechnology with strategic papers on several important aspects that needed to be addressed.

The Secretary stated that the need for an early stage funding for young entrepreneurs would be looked into and each of the recommendations put forth by the heads of companies would be considered if found viable.

Kiran Mazumdar-Shaw, chairperson, Vision Group of Biotechnology in Karnataka stated that the National Biotech Regulatory Authority would be set up to streamline the biotech regularity mechanisms. "It is vital for the biotechnology sector to have such a Regulatory Authority and we are looking towards a single point authority", she stated.

Ferzaan Engineer, managing director Quintiles stated that the need for a regulatory framework in clinical trials was a must. The new draft of the Schedule Y was a positive step by the government. It was also important to have a single window, fast, transparent and efficient science based system for clinical trails project approvals. With India becoming a hub for foreign companies to outsource much of the clinical trial activity from the country, the government had to speed up and create easier approvals.

According to Cyrus S Poonawalla, managing director, Serum Institute of India who bagged the Biotech Person of the Year Award stated that the National Biotech Policy draft was a breath of fresh air for the biotechnology sector. He pointed out that the regulatory mechanisms in the country have suffocated biotechnology sector. For genetically engineered products to be approved, the government should have one representative for taking a decision to clear all applications, he said.

Dr BV Ravi Kumar, managing director, XCyton Diagnostics who received the Product of the Year Award for the Japanese Encephalitis kit said that biotech sector was R&D intensive and hence there was a need for early stage funding from the government as it was impossible for science entrepreneurs to source funds from the venture capitalists. "We need to create public funding for the industry", he added.

Dr Manju Sharma bagged the Life Time Achievement Award and KK Narayanan, managing director, Metahelix won the Entrepreneur of the Year Award.