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news.The government of Karnataka in India has announced a new pharmaceutical policy, which aims to make the state as an innovation hub by creating pharmaceutical parks and leveraging its academic, industry and R&D ecosystem.
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The policy has invited pharmaceutical companies in Karnataka to set up their plants in other parts of the state, instead of focusing only on Bangalore city.
The policy ideates establishing pharmaceutical parks across the state on a PPP model equipped with common effluent treatment plants, cold storage and captive power plants.
To establish the parks, companies can seek equity contribution to the extent of 26% from Karnataka State Industrial Infrastructure Development Corporation (KSIIDC), KIADB, and the infrastructure development department (IDD).
The state government is also planning to establish a VC fund with a corpus of INR500m ($9.17m) with 26% contribution from the government to promote investments in the sector.
Karnataka Health and Family Welfare Minister Aravinda Limbavali was quoted by Daily Pioneer as saying that the government’s new pharmaceutical policy aims to develop State as an innovation hub by creating pharmaceutical parks and leveraging its academic, industry and R&D ecosystem.
"The policy envisages establishing pharmaceutical parks across the State on a PPP model equipped with common effluent treatment plants, cold storage and captive power plants," Limbavali added.