The task force on financial solutions for Research and Development (R&D) in pharmaceutical sector, constituted by the Department of Commerce, will submit its report in two months.

The three-member task force, constituted by the union commerce ministry in May this year, comprises J S Deepak, joint secretary, Department of Commerce; S Joseph, general manager, EXIM Bank and Lanka Srinivas, advisor, Pharmaceuticals Export Promotion Council (Pharmexcil) and a pharma industry expert.

The terms of reference of the task force includes review of existing R&D; components to be considered for funding for R&D, innovation in pharma sector, patent, product registration expenditure, commercialization etc; and quantification of financing requirement for these segments of R&D. It will also review eligible agencies for funding from R&D such as large companies, Small and Medium Enterprises (SMEs), R&D institutions and experts; institutional mechanism for financing the requirement whether through special purpose vehicle, disbursement through plan scheme by Government of India and draft scheme and instrument.

It is understood that recently J S Deepak visited the Jawaharlal Nehru Pharma City in Visakhapatnam and held meetings with chief executive officers (CEOs) and Managing Directors (MDs) of pharmaceutical companies in Hyderabad. It is also understood that the joint secretary has discussed the cost requirements to build up clusters for R&D in the pharmaceutical sector with the industry leaders. He had also visited R&D centres of a few companies.