Govt to float VC fund for pharma

“We will soon invite bids from consultancy firms for establishing a venture capital fund in public-private- -partnership that would finance research and development (R&D) activities in the pharmaceutical segment,” Department of Pharmaceuticals Secretary Ashok Kumar told reporters on the sidelines of a Ficci event. The department will soon invite bids from advisors to prepare a detailed project report on the proposed fund, Kumar said.

The initial target will be to raise up to Rs 3,000 crore by 2011-12, and it would be gradually increased to Rs 10,000 crore by 2015, he added. National Institute of Public Finance and Policy (NIPFP) is advising the department in the process of selecting an agency to design the fund.