Mumbai: Pharma and biotechnology major Panacea Biotec's in-house research and development centre for bio-pharmaceutical research at New Delhi has received recognition from the department of scientific and industrial research (DSIR) of the science and technology ministry.
Panacea's R&D facility for bio-pharmaceutical research focuses on developing preventive and therapeutic vaccines, antibodies and peptides (short chains of amino acids).
"This recognition will encourage the company to engage more in the research and development (including clinical trials), in areas of chemicals, drugs, pharmaceuticals and biotechnology," said Rajesh Jain, joint managing director, Panacea Biotec, in a filing with the Bombay Stock Exchange (BSE).
The DSIR recognition would make Panacea's in-house R&D facility eligible for duty-free import of specified goods and equipment and pharmaceutical reference standards. It would also allow weighted deductions on revenue and capital expenditure under the Income Tax Act. The center would also be eligible for monetary assistance from various government agencies.
This center, which uses molecular biology and genomics tools, currently employs over 30 molecular biologists, immunologists, biochemists, microbiologists and cell biologists. Panacea also plans to undertake development of peptide-based technology for chimeric dengue vaccine in-licensed from National Institutes of Health of the US and initiate phase I trails.