Last Updated on October 6, 2024 by The Health Master
Pharma Industry
The Indian government’s Production Linked Incentive (PLI) scheme for pharmaceuticals is proving to be a game-changer for the country’s pharma industry.
This ambitious initiative, aimed at boosting domestic manufacturing and reducing reliance on imports, is yielding impressive results.
Massive Investment and Production Targets
The Department of Pharmaceuticals (DoP) has set an ambitious target of achieving Rs. 90,000 crore worth of pharmaceutical production under the PLI scheme during the financial year 2024-25.
This is backed by a substantial investment of around Rs. 5,000 crore committed for the scheme during the same period.
Focus on Bulk Drugs and Medical Devices
A key focus of the PLI scheme is on bulk drugs, the raw materials used to manufacture medicines.
The DoP aims for a bulk drug production of Rs. 900 crore in FY 2024-25, with a capacity addition target of 2,000 metric tonnes.
Additionally, the department expects to commission four new medical device projects, targeting a production value of Rs. 4,500 crore.
Job Creation and Export Surge
The PLI scheme for pharma industry has already made a significant impact.
As of June 2024, it has attracted investments of Rs. 29,268 crore, leading to a production value of Rs. 1,61,209 crore and the creation of 71,763 jobs.
Moreover, India has transformed from a net importer to a net exporter of bulk drugs, with exports surpassing imports by a considerable margin.
Strengthening Supply Chain Resilience
The PLI scheme has been instrumental in strengthening India’s pharmaceutical supply chain.
By promoting domestic manufacturing of critical bulk drugs and APIs, the country has reduced its dependence on imports and become more resilient to global supply chain disruptions.
Emphasis on Emerging Areas
The scheme has also fostered growth in emerging areas of the pharma industry.
For instance, fermentation-based manufacturing capabilities have been enhanced through the production of essential antibiotics like penicillin G and clavulanic acid.
Medical Devices Sector Gains Momentum
The PLI scheme for medical devices is also showing promising results.
The narrowing gap between exports and imports of medical devices indicates the growing domestic manufacturing capabilities.
India is now producing a range of advanced medical equipment, including CT-scan machines, linear accelerators, and MRI machines.
Overall Positive Impact
The PLI scheme has undoubtedly been a catalyst for growth in India’s pharmaceutical and medical device sectors.
It has created jobs, attracted investments, promoted domestic manufacturing, and improved the country’s self-reliance in healthcare.
As the scheme progresses, it is expected to further strengthen India’s position as a global pharmaceutical hub.
Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.
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