Comments
A loan agreement for IBRD credit of $125 million (equivalent) for the ‘Innovate in India for Inclusiveness Project’ was signed with the World Bank here on Tuesday. The loan agreement was signed by Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs, on behalf of the Government of India and Hisham Abdo, Acting Country Director, World Bank (India) on behalf of the World Bank.
The objectives of the project are to nurture indigenous innovation, foster local product development and accelerate the commercialisation process by bridging critical skill and infrastructure gaps to promote affordable and innovative healthcare products generation for inclusive development and increasing competitiveness in India, an official release said.
The project would support consortia of the public, private, and the academic institutions to overcome the key market failures currently holding back the development of the innovative biopharmaceutical and medical devices industry in India.
The project consists of the following parts:
(i) Strengthening of pilot-to-market innovation ecosystem
(ii) Acceleration of the pilot-to-market process for specific products and
(iii) Project Management and monitoring & evaluation.
The closing date of Innovate in India for Inclusiveness project is June 30, 2023.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.