Small Business Innovation Research Initiative (SBIRI)
Indian pharmaceutical sector is one of the best performing industry in India. The growing demand of cheap generic drugs all over the world makes it an attractive destination for biotech start-ups. It is expected that by 2020 India will be in the top 10 global markets in value terms. The world’s second biggest country by population coupled with increasing middle class, the demand for generic medicines is here to stay. SBIRI was launched in 2005 to boost public-private partnership efforts in India by the Department of Biotechnology, Ministry of Science and Technology. Since then, it has provided financial assistance to various private small companies to mitigate the fear of risk and encourage innovation.
- Early stage support to research in bio-technology.
- Assistance to indigenous technologies especially related to societal needs in the healthcare, food and agriculture.
- To mentor and support entrepreneurs and enterprises in the fields of bio-technology.
- To bring academia, private and government enterprises together to make Indian pharma industry – an innovation and R&D based sector.
Under the SBIRI scheme, the funding is provided in two phases. Phase 1: Early Stage Pre-Proof of Concept, and Phase 2: Stage Development and Commercialization
Financial Assistance under Phase I
- If the project cost is up to 25 Lakh then under this scheme, it will get 80% of the project cost.
- If the project cost is between 25 to 100 Lakh then 50% of project cost will be provided under this scheme.
- Minimum assistance is 20 Lakh and maximum 50 Lakh.
- If the project cost is more than 100 Lakh, the unit will be eligible for a loan of up to 50% of the project cost subject to ceiling of 50 Lakh.
Financial Assistance under Phase 2
- Up to 10 Cr as soft loan is provided as per the requirement.
- 1% simple interest rate for loan up to 1 Cr and 2% loan beyond 1 Cr.
Who can apply?
- An industry
- Joint proposal by industry and public R&D organizations.
- A group of industries.
- The unit should be registered in India and should be a small business unit – an enterprise with not more than 500 employees in R&D.
- The company should have in-house research facility recognized by the Department of Scientific and Industrial Research.
- Joint ventures and limited partnership are also eligible provided that they fulfil the discussed conditions above.
For more information, CLICK HERE.
To know how to apply, Contact Us.