The Union Ministry of Finance has signed a Loan Agreement with the World Bank for IBRD credit of US$ 125 for Innovate in India for Inclusiveness Project.
The Loan Agreement was signed by Sameer Kumar Khare, Joint Secretary in the Department of Economic Affairs on behalf of Government of India and Hisham Abdo, Acting Country Director, World Bank (India) on behalf of the World Bank.
Objectives of the project
The basic aim of the project is to nurture indigenous innovation, foster local product development and accelerate commercialization process. These aims would be achieved by bridging the critical skill and infrastructure gaps in order to promote affordable and innovative healthcare products generation. This would promote inclusive development and would help in increasing competitiveness in India.Key facts about the project
- The project will support Government of India’s Biotechnology Industry Research Assistance Program (BIRAC).
- BIRAC was set up five years ago to support innovative start-ups and collaborations through strategic partnerships.
- BIRAC will now scale-up its efforts across the industry and focus on improving India’s biopharma innovation ecosystem.
- It will facilitate a more collaborative research and development environment (R&D), leverage the expertise of local and international players from both the public and private sectors.
- The project will support consortia of public, private, and the academic institutions to overcome the key market failures.
- These failures are currently holding back the development of an innovative biopharmaceutical and medical devices industry in India.
- This will help India emerge as a low-cost healthcare provider for the world.
- The project consists of the following parts:
- Strengthening of pilot-to market innovation ecosystem
- Acceleration of the pilot –to-market process for specific products
- Project Management and monitoring & Evaluation
- The $125 million loan from the International Bank for Reconstruction and Development (IBRD), has a 5-year grace period, and a maturity of 19 years.
- The closing date of the project is 30th June, 2023.
