Panacea Biotec's R

New Delhi, Nov 7: Department of Scientific and Industrial Research (DSIR), Ministry of Science and Technology, has accorded recognition to Panacea Biotec's in-house R&D Centre for biopharmaceutical research here.

In-house Research and Development units recognised by DSIR in the area of pharmaceutical and biotechnology sector are eligible for duty free import of specified goods or equipment for R&D, duty free import of pharmaceutical reference standards in addition to weighted deductions on revenue and capital expenditure under the Income Tax Act.

The recognition also provides eligibility to obtain the financial assistance from various government agencies.

The centre, situated in the Industrial Estate at Mathura Road here, will utilise molecular biology and genomics tools and has around 30 hard core molecular biologists, immunologists, bio-chemists, microbiologists and cell biologists, a statement said today.

The R&D unit will develop novel preventive and therapeutic vaccines, therapeutic fully human monoclonal antibodies and therapeutic peptides.

It also plans to undertake the development of a peptide-based technology for alopecia (hair loss) management and initiate Phase I trials for the same.

''This recognition will encourage Panacea Biotec to engage more in the research and development (including clinical trials), in area of chemicals, drugs, pharmaceuticals, biotechnology,'' company Joint Managing Director Rajesh Jain said.

Panacea Biotec is a leading research-based health management companies with established research, manufacturing and marketing capabilities. It is the second largest vaccine producer in the country.

The product portfolio of the company includes highly innovative prescription products in important therapeutic areas such as pain management, diabetes management, renal-disease management, anti-osteoporosis, anti-tubercular, gastro-intestinal care products and vaccines.

The company has collaborations and tie-ups with leading national and international research organisations and corporations.

UNI