Last Updated on December 15, 2024 by The Health Master
PLI Scheme
Indian pharmaceutical industry is poised for significant growth, thanks to a recent government initiative. The Union government has approved a substantial financial outlay of Rs 15,000 crore for the Production Linked Incentive Scheme (PLI Scheme) for pharmaceuticals.
This move is aimed at bolstering domestic manufacturing capabilities and reducing reliance on imports.
Key Highlights of the PLI Scheme for Pharmaceuticals:
- Financial Incentive: The scheme offers a six-year financial incentive to 55 selected applicants.
- Focus on High-Value Products: The incentive will be used to manufacture high-value pharmaceutical products like patented and off-patent drugs, biopharmaceuticals, complex generics, anti-cancer drugs, autoimmune drugs, and orphan drugs.
- Boosting Domestic Manufacturing: The scheme is expected to attract significant investments and create jobs in the pharmaceutical sector.
- Reducing Import Dependency: By promoting domestic manufacturing, India can reduce its dependence on imports of critical pharmaceutical ingredients.
Additional PLI Schemes for the Pharmaceutical Sector:
- PLI Scheme for Bulk Drugs: With a financial outlay of Rs 6,940 crore, this scheme aims to promote domestic manufacturing of Key Starting Materials (KSMs), Drug Intermediates (DIs), and Active Pharmaceutical Ingredients (APIs).
- PLI Scheme for Medical Devices: A Rs 3,420 crore allocation has been made for this scheme, which focuses on promoting domestic manufacturing of high-value medical devices like linear accelerators, MRI machines, CT-scans, and more.
By implementing these PLI schemes, the Indian government aims to transform the country into a global pharmaceutical hub. This initiative will not only benefit the domestic industry but also have a positive impact on public health and economic growth.
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What is the PLI scheme?
The Production Linked Incentive (PLI) scheme is a government initiative to promote domestic manufacturing by providing financial incentives to companies that meet specific criteria.
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How will the PLI scheme benefit the pharmaceutical sector?
The PLI scheme will attract investments, create jobs, and boost domestic manufacturing of pharmaceuticals and medical devices. It will also help reduce India’s dependence on imports.
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Which products are eligible for the PLI scheme?
The scheme covers a wide range of high-value pharmaceutical products and medical devices, including patented and off-patent drugs, biopharmaceuticals, complex generics, anti-cancer drugs, and more.
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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