CAG flays dept of science's funding of pharma projects
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New Delhi: Lack of due financial diligence in selection of pharma projects by the Department of Science and Technology (DST) and loans released to unsound companies which later defaulted on their repayment has led to a loss of Rs 73.68 crore to the exchequer, the CAG has found.
The Comptroller and Auditor General also said that non- receipt of final project completion reports and consequent lack of information on outcomes generated from the projects also led to a loss and the objectives of enhancing the capabilities of Indian pharmaceutical industry and promoting them to develop new drugs at lower costs were "not achieved".
Drugs and Pharmaceutical Research Programme was implemented with an objective to develop capabilities in the Pharma R&D sector by synergising the strengths of Indian pharma industry and research institutions for developing new drugs at lower costs for poorer sections of society.
In 19 projects covered in the audit, DST released soft loan of Rs 95.27 crore to private firms.
The audit report, which has been submitted in Parliament, found that in none of the 19 projects were the outcomes known to DST as the project-completion reports were not submitted by industry partners.
The Comptroller and Auditor General also said that non- receipt of final project completion reports and consequent lack of information on outcomes generated from the projects also led to a loss and the objectives of enhancing the capabilities of Indian pharmaceutical industry and promoting them to develop new drugs at lower costs were "not achieved".
Drugs and Pharmaceutical Research Programme was implemented with an objective to develop capabilities in the Pharma R&D sector by synergising the strengths of Indian pharma industry and research institutions for developing new drugs at lower costs for poorer sections of society.
In 19 projects covered in the audit, DST released soft loan of Rs 95.27 crore to private firms.
The audit report, which has been submitted in Parliament, found that in none of the 19 projects were the outcomes known to DST as the project-completion reports were not submitted by industry partners.
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