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Mashelkar stresses on funding for BT

Section Investment Pune
Posted on Sun Jan 14, 2007 at 08:24:45 AM EST

Talking at Hi-Tech Pune, CSIR director general also lays emphasis on single regulator for sector

As seen in other parts of the world, biotechnology has immense growth potential in India, but for new companies making a foray into the sector, there is hardly any seed funding available.

To address this gap, the government will soon set up a fund to finance start ups in the biotechnology sector.
"We are negotiating with the World Bank for a loan of half a billion dollars and a part if this will be for early stage funding. This will be on the lines of the TDICI Fund, which was also a World Bank funded initiative for technology entrepreneurs," said RA Mashelkar, director general of Council for Scientific and Industrial Research (CSIR) at the Hi-Tech Pune conference on IT and BT on Friday.

Mashelkar also traced issues related to the sector in the country. "Our future is bright in biotechnology as both central and certain state governments are upbeat about the possibilities in the sector. But there are certain concerns, which will have to be addressed so as to have an edge in the international biotechnology scene,'' he said.
The first issue for the sector, according to him, were multiple regulators in the sector. "Though the talk of single window clearance is going on, it is still an illusion. However, the process to set up a National Biotechnology Authority as a single regulator is on,'' said Mashelkar.

On the controversies relating to Genetically Modified (GM) crops, Mashelkar said the policy on the matter has to be reviewed. "Globally, it is seen that governments either take a permissive or preventive stand on the issue. The correct approach is to strike a balance between them. It is imperative that in sectors like agri-biotechnology, GM crops will be required,'' he said.

According to him, developing countries were taking a lead in switching over to GM crops. "10 years ago, eight per cent of the developing countries had GM crops, but now, the number is as high as 34 per-cent,'' he said. In fact, with 7.2 million hectares under cultivation of GM crops, developing countries have overtaken developed countries, which have 6.1 million hectares under GM crops.
Mashelkar also expressed concern on the quality of many new emerging biotechnology institutes in the country. "I know of institutes which do not even have faculty. This is serious and one needs to have regulation in this area," Mashelkar said.

He also said that unlike IT, there was hardly any hue and cry over companies shifting their operations to the Asia Pacific region. "This shifting will reduce costs of medicines and biotechnology products, which will ultimately benefit every one,'' Mashelkar said. Source: Expressindia.com

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