Biotech sector gets a Rs 50-cr incubation centre in B'luru
Talking to Deccan Herald, Karnataka Principal Secretary Department of IT, BT, and S&T V Manjula said, “The Bengaluru Bio-Innovation centre will help BT startups to incubate their ideas and develop products and solutions that could be commercialised.”
The centre provides startups with access to world-class equipment, mentoring, and counselling on regulatory compliance. She said 16 startups have been shortlisted for allotment of space in the centre in the first phase.
“The government of Karnataka and Department of Biotechnology has spent close to Rs 50 crore on the buildings and instrumentation at the Bengaluru Bio-Innovation Centre (BBIC),” Manjula said.
Addressing an event themed, ‘What’s trending in Biotech India’, a curtain-raiser for the 16th edition of ‘Bangalore India Bio 2016’ to be held from February 9 to 11, 2016, on Thursday, Manjula said, “Karnataka has set up a biotech venture capital fund of Rs 50 crore exclusively for biotech industries. For this Kitven-fund-III (biotech), Rs 13 crore will be provided by the state government and the balance will be raised from banks and financial institutions.”
Mitra Biotech and Theramyte Biologicals have already received Rs 2.5 crore each under Kitven-fund II. Releasing the brochure of the event, Minister for IT, BT and S&T S R Patil said, Karnataka contributes a third of the total revenues of Rs 26,836 crore to the bioscience industry in India.
Karnataka Vision Group Biotechnology Chairperson Kiran Mazumdar Shaw said, “Biotechnology provides lot of opportunities in many areas such as IT healthcare, diagnostics, agricultural services, biosimilars, vaccines, genomics, proteomics, etc.”
An agriculture biotech park has been set up in Dharwad and the N2P2 incubation centre for nutritional and pharmaceuticals industry has already come up in Mysuru in collaboration with CFTRI, she said. To encourage startups, Bangalore India Bio will have a ‘Shark Tank’, which will engage investors and big companies to interact with small startups.