India, Feb. 1 -- In a push to develop India as a global biopharma manufacturing hub, finance minister Nirmala Sitharaman introduced a new scheme "Biopharma Shakti" with an outlay of INR 10,000 Cr for the upcoming five years to boost research, manufacturing, and innovation in the biotechnology and pharmaceutical sector.

In her Budget speech, the FM said that the aim of the mission is to build an ecosystem for domestic production of biologics and biosimilars.

Under the scheme, the government will build a biopharma-focused network with three new national institutes of pharmaceutical education and research, as well as upgrade seven existing institutions. "It will also create a network of 1,000 accredited India clinical trial sites," she not...