Domestic biotech companies face funding constraints
Pointing out that the industry is at a critical juncture, as companies have not been able to make a sizeable impact on the industry, despite its focus on innovation, the study observed:
"Many of them are facing funding constraints as the investor community has shied away from investing in early stage ventures. With the lack of funding, many innovative companies will be forced to shut shop or become service providers rather than innovators."
The Government has introduced schemes to fund biotech start-ups. For instance, the incentive for in house research includes the 200 per cent weighted tax deduction, which has been extended till 2017 in this year's Budget.
But dealing with multiple regulatory bodies too has resulted in delays. And the Government is looking to overcome this through the proposed Biotechnology Regulatory Authority of India.
RBI Chief Raghuram Rajan stated that more economic data is needed to be confident that economic growth is picking up, although he added that the benefits to exports from the Rupee's fall is yet to kick in.
Date 11-12-13, Duration 2:19, Views 32