The Maharashtra government has set up the much-awaited Biotech Development Fund with an initial corpus of Rs. 5 crore. Initially, BDF was expected to be established with Rs. 50 crore, according to Dr R.N.Mashelkar.

Setting up of BDF was part of the state's strategy announced in 2001 to boost biotech investments, which also included the creation of a Maharashtra Biotech Board (MBB) and Maharashtra Biotech Commission (MBC).

Dr Mashelkar has been appointed as the Chairman of MBC, which will be responsible for the effective utilization of the BDF.

He informed that the immediate focus of the Commission would be on issues relating to development of Pharma Biotech Park at Hinjewadi in Pune, Agro Biotech Park at Jalna and contract research in the state.

Modern Biotechnology has great future in the coming years. A healthy inter-state competition is taking shape which itself is a great sign. Indian academics are getting greater recognition overseas, especially in the areas of science & technology. Knowledge is the greatest driving force for growth, said Dr. Mashelkar.

Dr. Mashelkar was at Hyderabad to formally launch Shantha Biotech's Shankinase, the recombinant streptokinase.