SMEs disappointed over VC fund for pharma sector
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2012-07-09

SMEs disappointed over VC fund for pharma sector

Days after proposing a venture capital fund of Rs 2,000 crore for pharma sector by the government, the pharma SMEs have expressed disappointment over the proposal, instead of making an altogether separate fund for them as there were repeated attempts.

Days after proposing a venture capital fund of Rs 2,000 crore for pharma sector by the government, the pharma SMEs have expressed disappointment over the proposal, instead of making an altogether separate fund for them as there were repeated attempts.

As a counter measure, the enterprises have now decided to gain support from Pharmaceutical Department taking necessary measures in the interest of their pharma businesses.

The industry sources have alleged that numerous requests were made by the SMEs for creating Rs 1,000 crore fund specifically for them as ‘Technology Upgradation fund’ with interest subsidy. But now in lieu, the government has proposed that fund for research and development purpose which might end being used largely by corporates.

The 20 member committee on pharma exports which took the decision for the R&D fund, had only one representative, S V Veeramani, Chairman, Fourrts (India) Laboratories Pvt Limited, from the SME sector.

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