The Government plans to set up an exclusive Rs 3,000-crore pharma fund to promote Innovation, Research and Development (R&D) in drug discovery. The proposed fund will focus on key areas such as biologics, among others. Biologics are medical products synthesised from living organisms and used in the treatment and prevention of diseases.

At present, the Government is holding talks with the National Institute of Public Finance, on the modalities of the fund. This could be a 10-year close-ended fund with some subordinate funds.

Besides, the Government is also examining the revival of Indian Drugs and Pharmaceuticals Ltd (IDPL). The Department of Pharmaceuticals has also decided to develop seven National Institutes of Pharmaceutical Education and Research (NIPER) in the country into special centres of excellence.