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The Government plans to increase the corpus fund for Research and Development in Pharmaceuticals and Bio-technology. An amount of Rs.150 crore already exists in corpus. In his Budget Speech, the Finance Minister, Shri Chidambaram said that the country’s human resource base gives the industry an exceptional advantage. The pharmaceutical companies are prepared to produce drugs under the new patent regime and therefore the corpus for research and development deserves to be increased in phases. The Minister said that India has a potential to become an attractive destination for outsourcing in drug discovery and clinical research, and for co-development of drugs and manufacturing. In biotechnology, the industry has the potential to be a global leader supplying novel technologies and products to the health and agriculture sectors. Government will provide a stable policy environment and necessary incentives to help the two industries become world leaders, the Minister said.
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