Union Health Ministry to pay 1500 crore to vaccine firm Biological-E for 30 crore vaccines
The Union Health Ministry, in a release on Thursday, finalised arrangements to pay Rs. 1500 crore advance to Hyderabad-based vaccine manufacturer Biological-E to reserve 30 crore COVID-19 vaccine doses for the period of August-December 2021.
The Biological-E COVID-19 vaccine is currently undergoing Phase-3 clinical trials after showing promising results in Phase 1 and 2.
The proposal of Biological-E has been examined and recommended for approval after due diligence by National Expert Group on Vaccine Administration for COVID-19 (NEGVAC).
The arrangement with Biological-E is a part of the wider endeavour of the government to encourage indigenous vaccine manufacturers by providing them support in research and development and also financial support.
The department of biotechnology has provided financial assistance to the firm in terms of grant-in-aid of over Rs 100 crore.
(Edited by Marvin Kharsohnoh)
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