Govt plans Rs 2,000 crore fund for pharma researchIn an ambitious move to boost drug discovery, the Centre plans to create a fund of Rs 2,000-3,000 crore for pharma research and development, a top government official said here today. 

"The fund will focus on drug discovery. The size of the fund could be between Rs 2,000 crore and Rs 3,000 crore," Department of Pharmaceuticals Secretary Ashok Kumar, told on the sidelines of valedictory ceremony of BioAsia-2010 here today. 

The Indian Institute of Public Finance and Policy would help with the formation of the fund and the process may take about four months, he added. 

He said the department has come out with a white paper titled Pharma Vision 2020 and the Planning Commission has agreed to the proposal in principle. 

The Secretary said the proposed fund would not only take care of the finance for drug discovery but also cover risks to some extent in case of failures.