Finance Ministry Announces Rs 900 Crore Package for Covid Vaccine Development

Finance Ministry Announces Rs 900 Crore Package for Covid Vaccine Development

New Delhi: Union Finance Minister Nirmala Sitharaman announced a large amount of Rs 900 Crore for the Covid Suraksha Mission.

The amount will be made available only to the Biotech department which comes under the Ministry of Science and Technology.

Clarifying the details, Sitharaman added that Rs 900 Crore will only cover the cost of research and development of Covid Vaccine that is taking place in India.

She further added that the amount will be solely used by the Ministry of Science and Technology and the Ministry of Health will have no part in the package.

She explained that the actual cost of the vaccine is not included in the Rs 900 Crore. “The covid Suraksha mission is for only research and development of Indian Covid Vaccine”, she affirmed.

Currently, Hyderabad-based Bharat Biotech is developing Covaxin with the government-run ICMR and is hoping to launch in the second quarter of next year.

Another company, Dr. Reddy’s Laboratories is conducting mid- to late-stage trials of the vaccine in India. Dr. Reddy’s Laboratories is all set to conduct phase 3 clinical trials for Russia’s covid vaccine in India. Russia’s Sputnik V vaccine boasts of 92% efficacy.

Dr. Reddy’s entered a deal with the Russian Direct Investment Fund in September and as part of the partnership, RDIF plans to supply 10 crore doses of the vaccine to Dr. Reddy’s upon recieving regulatory approval.

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