Last Updated on June 20, 2023 by The Health Master
Pharmaceutical Industry Policy 2023
The Yogi Adityanath government in Uttar Pradesh is taking significant steps to establish the state as a prominent hub for pharmaceutical products in the country.
To this end, the government is currently formulating the draft of the Pharmaceutical Industry Policy-2023, which will shape the industry’s trajectory for the next five years.
Chief Minister Yogi Adityanath recently emphasized the need for crucial amendments to the existing Pharmaceutical Industry Policy 2018 to incorporate proposals received during the UPGIS 2023 conference.
Enhancing the Pharmaceutical Industry in Uttar Pradesh:
GN Singh, the Chief Minister’s Advisor, highlighted that the upcoming policy aims to revitalize Uttar Pradesh‘s pharmaceutical and medical device industry by promoting local production, fostering research and development, and ensuring the availability of affordable medicines for citizens.
The policy’s key objectives include creating an enabling environment for the sector’s growth, offering subsidies, incentives, and land support to drive the pharmaceutical industry forward.
Strengthening Research and Development:
A primary focus of the policy is to establish a robust ecosystem for research and development by establishing state-of-the-art facilities and fostering collaborations with academic institutions.
This strategic approach will spur innovation, leading to advancements in the pharmaceutical and medical device sector in Uttar Pradesh.
Specialized Technology and Quality Control Systems:
The new policy underscores the importance of specialized technology, quality control systems, and a dedicated ecosystem for the pharmaceutical and medical device sector.
By addressing these critical factors, the government aims to bolster the local economy and provide a conducive environment for industry growth.
Incentives and Support for Industry Establishment:
To encourage the establishment of pharmaceutical companies, the Yogi Government plans to provide a 50 percent interest subsidy for up to seven years on loans obtained from banks for land acquisition.
This subsidy will not exceed Rs 1 crore per year. The government also emphasizes the development of Pharma and Medical Device Parks, which will receive special attention and support.
Promoting Bulk Manufacturing and Employment Opportunities:
The policy envisions identifying suitable plots and establishing parks dedicated to the bulk manufacturing of allopathic, AYUSH products, medical devices, and key ingredients used in bulk drug manufacturing.
These initiatives, as showcased during the Global Investors Summit-23 held in Lucknow, have already attracted investments totaling Rs 28,402 crore from 212 companies in the pharmaceutical and medical equipment sector.
Such investments are projected to create 57,000 new employment opportunities in the state.
Conclusion:
The Pharmaceutical Industry Policy-2023 is poised to play a crucial role in transforming Uttar Pradesh into a thriving hub for pharmaceutical products and medical devices.
With a focus on local production, research and development, and affordability, the policy sets the stage for innovation and growth in the sector.
By offering incentives, subsidies, and creating specialized infrastructure, the government is actively fostering an environment conducive to industry success, attracting significant investments, and generating employment opportunities for the people of Uttar Pradesh.
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