Last Updated on December 31, 2023 by The Health Master
PLI Scheme
In a significant move towards bolstering the pharmaceutical and medical device manufacturing sectors, the Indian government has greenlit a substantial investment of Rs 6,000 crore for 74 industries under the coveted PLI scheme (Production-Linked Incentive Scheme).
This landmark announcement was made by Union Home Minister Amit Shah during the inauguration of the National Institute of Pharmaceutical Education and Research (NIPER) campus in Gandhinagar.
Driving the Growth Engine
Underscoring the government’s comprehensive approach, Shah revealed plans for the development of cost-effective and sustainable processes for 16 active pharmaceutical ingredients (APIs) and two key starting materials (KSMs).
This forward-looking initiative is poised to not only ensure India’s self-reliance in pharmaceutical production but also position the nation as an export leader in APIs and KSMs within the next decade.
Tailored Support for the Pharma Sector
Emphasizing the government’s unwavering commitment to the pharmaceutical sector, Shah announced a substantial investment of Rs 4000 crore, benefiting 48 small and large-scale pharmaceutical manufacturing industries.
This promising move is a testament to the government’s determination to fortify India’s standing in global pharmaceutical production.
Empowering the Medical Device Manufacturing Sector
In a parallel stride, the PLI scheme was extended to the medical device manufacturing sector, with an allocation of Rs 2000 crore for 26 prospective investors.
This strategic investment is set to invigorate India’s capabilities in producing state-of-the-art medical devices, propelling the nation towards self-reliance.
Infrastructural Impetus
The government’s strategic vision is further exemplified by the establishment of three bulk drug parks, an initiative representing a significant investment of Rs 3000 crore.
This critical infrastructure is poised to revolutionize the pharmaceutical landscape by bolstering domestic drug production.
Shaping the Future: National Medical Device Policy 2023
In a bid to spearhead self-reliance in medical devices, the Indian government has introduced the National Medical Device Policy 2023.
This visionary policy is a testament to the government’s unwavering commitment to positioning India as a global leader in the medical device industry, with plans to formulate a dedicated policy for export.
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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