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16/11/2018 12:26pm

Odisha govt announces new biotechnology policy for state to promote innovation, entrepreneurship & investment

image Odisha govt announces new biotechnology policy for state to promote innovation, entrepreneurship & investment

New Delhi, Nov 16 (KNN) On the concluding day of five day long Make in Odisha Concalve, Odisha Science and Technology Minister Badrinarayan Patra announced the robust Biotechnology Policy 2018 to enable the state to become one of the top biotech innovation and investment destination in the country.

The policy was formulated with a motion to provide fiscal and non fiscal incentives, support for product development by biotech start ups and MSMEs, streamline rules, regulations and legislation to create an innovation friendly environment, create a vibrant bio-entrepreneurial culture in academia and research institutions.

Announcing the Policy Patra said the development of the bio technology sector in Odisha will be based on three key pillars innovation, entrepreneurship and investment.

He said that the government would provide support for the development of the sector by forming Public Private Partnerships, Bio incubation centres and Bio tech finishing schools.

In this direction, government would collaborate with various international organizations to provide cutting edge technology in the bio-tech sector.

The policy further envisages implementing a supportive regulatory framework and robust governance structure that enables hassle free time bound statutory clearances and monitoring of the policy.

The policy covers all aspects of biotechnology including bio pharma, bio-services, agri-biotech, industrial biotech and systems and synthetic biology.

Besides, the new policy will promote innovation in R & D by encouraging Public Private Partnership for sustained growth and international competitiveness; establish regional bio technology parks, bio clusters, and thematic bio technology parks in priority areas like agriculture, animal husbandry, human health and marine bio tech.

Adding more, Patra said the government will set up Industry Academia Collaborative Research Funding program to provide funding for collaborative R &D projects between industry and academia. Government funding will be limited to 50 per cent of the project cost limited to Rs 30 lakh per project.

Leaving no stone unturned, government will make every possible step to promote the innovation and thus in this direction it would also set up Bio tech start up seed fund with an initial corpus fund Rs 35 crore. The seed amount could be leveraged to raise two to four times private capital.

Besides, government will also establish Bio innovation grant, Bio tech bridge grant and immersion fellowships to promote bio technology.

Also to felicitate innovators, startups, MSMEs and large industry, incubators, academic and research organsiation in the realm of bio technology, Bio tech excellence awards would be set up.

The Minister said the Odisha Biotech Park at Andharua, Bhubaneswar will be operationalised at the earliest.

The government would also establish other thematic parks like Marine Biotech park, Agri Biotech Park and Med tech park. IDCO will identify land for these projects and select the developer.

The best practices followed by biotech parks in Malaysia, Singapore and other emerging hubs will be incorporated in the implementation plan.

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