The Maharashtra government has decided to set up the third biotech park in the state at Khalapur on the old Mumbai-Pune highway in a bid to promote biotech industry. Investment required for the proposed park is yet to be decided.

The park, which is exclusively for the biopharma industry, will come up in an area of 250 acres. The Maharashtra Industrial Development Corporation (MIDC) is in the process of acquiring land for the proposed park and it is expected to finish in another six months. The Khalapur Park will have all the facilities of the other two parks in the state, Pune and Jalna.

Talking to Pharmabiz Vasant D Maalwade, former joint director of Industries and currently advisor to Maharashtra Industrial Development Corporation, said, "The third biotech park in the state will be set up at Khalapur and the land acquisition for the same is expected to be over in another six months. However, investment and nature of the park is yet to be decided. Once the land acquisition is over, the government will take decision on the nature of the park".

The park will have GMP facilities in conformity with US FDA norms and business facilitation centres (BFC), which will offer services to the clients of the park so that a hassle-free environment will be created in the park. The services, which will be provided through BFC comprises a cell for facilitating rapid regulatory and customs clearances, technology transfer and access services, commercialisation services, networking with research institutions, mentoring and information and support on intellectual protection.

The BFC will also maintain databases on biotechnology and deal with quarantine issues. It will also be equipped with all the necessary facilities to provide secretarial services and communication services.

With a view to enhance the growth of biotech industry in the state, the government has recently signed a memorandum of understanding (MoU) with three leading banks, State Bank of India, Punjab National and YES Bank. As per the MoU, the companies will have better access to venture capital funding, loans and financial advice. It will also provide a framework for banks to provide funding to companies, which want to set up their units in the biotechnology parks run by the Maharashtra Industrial Development Corporation.