Last Updated on January 13, 2024 by The Health Master
The Indian government is taking steps to reduce the country’s dependence on imported critical medical products by producing “high value pharmaceuticals” and “high-end medical devices” within the country.
According to Union Minister Mansukh Mandaviya, this move towards self-reliance will include the manufacturing of components for high-end medical devices.
Product Linked Incentive (PLI) Scheme for Pharmaceuticals
The Department of Pharmaceuticals (DoP) has released the first tranche of incentives under the Product Linked Incentive (PLI) scheme for pharmaceuticals, amounting to Rs 166 crore to four selected applicants.
The PLI scheme was launched by the DoP in 2021 under the government’s Atmanirbharta initiative, with a financial outlay of Rs 15,000 crore over six years. So far, 55 applicants have been selected, including 20 Micro, Small & Medium Enterprises (MSMEs).
Budget
The financial year of 2022-2023 is the first year of production for the PLI scheme, and the DoP has earmarked Rs 690 crore as the budget outlay.
The scheme has garnered an investment of Rs 16,199 crore by the 55 selected applicants in the first year of implementation, which is close to the expected investment of Rs 17,425 crore over the scheme period.
Additionally, 23,000 people have been employed under the scheme, and the DoP has received an incentive claim of about Rs 544 crore from 15 applicants.
PLI Scheme for Bulk Drugs and Medical Devices
Under the PLI scheme for bulk drugs with a financial outlay of Rs 6,940 crore, the objective is to boost domestic production of 41 select critical bulk drugs in the country.
So far, 51 projects have been selected for the 34 notified bulk drugs. Moreover, a total of 21 applicants have been selected under the PLI scheme for medical devices with a financial outlay of Rs 3,420 crore.
Incentives for Selected Applicants
Based on the evaluation, Rs 165.74 crore of claims of incentives from four following applicants were found to be eligible, and 75% of this amount has been released:
- Dr Reddy’s Laboratories,
- Biocon,
- Strides Pharma Science,
- Premier Medical Corporation
Remaining incentives are under examination.
Punjab to write to Centre Govt to regulate prices of Non Scheduled medicines
Hyderabad is having maximum USFDA approved Pharma Units in world
NLEM: Essential drugs list to be amended soon by including these products
IPA asks Govt to implement Section 42 of Pharmacy Act & Rule 65 of D&C Act
Drug alert: 67 out of 1348 samples declared as NSQ in January 2023
Cancer medicines seized from Loni found to be ‘substandard’
PCI warns of legal action against institutions not updating faculty details
New DCGI: Rajeev Raghuvanshi appointed head of apex drug regulatory body
Dissolution test: Importance in Pharma Industry
Latest Notifications regarding Pharmaceuticals
For informative videos on the news regarding Pharma / Medical Devices / Cosmetics / Homoeopathy etc., click on the below YouTube icon:
For informative videos by The Health Master, click on the below YouTube icon:
For informative videos on Medical Store / Pharmacy, click on the below YouTube icon:
For informative videos on the news regarding Pharma / Medical Devices / Cosmetics / Homoeopathy etc., click on the below YouTube icon:
For informative videos on consumer awareness, click on the below YouTube icon:
