Last Updated on August 20, 2024 by The Health Master
Pharma Companies
The Indian government (Govt) has taken a significant step to bolster the pharma companies by revamping the Pharmaceuticals Technology Upgradation Assistance Scheme (PTUAS).
This revamped initiative aims to provide substantial financial support to drug manufacturers to upgrade their facilities and meet stringent global quality standards.
Wider Eligibility Criteria
One of the key changes in the PTUAS is the expansion of its scope.
Previously limited to Micro, Small, and Medium Enterprises (MSMEs), the scheme now extends its benefits to any pharma companies with an annual turnover of less than Rs 500 crore.
This inclusive approach empowers a larger segment of the industry to access much-needed funds for technological advancements.
Focus on MSMEs and Flexible Financing
While the government has broadened the eligibility criteria, it continues to prioritize MSMEs, recognizing their crucial role in the pharmaceutical landscape.
The revamped scheme offers flexible financing options, shifting from the traditional credit-linked approach to a subsidy-based reimbursement model.
This approach is expected to encourage wider participation and facilitate easier access to funds for eligible units.
Comprehensive Upgradation Support
To ensure that pharma companies can comprehensively upgrade their facilities, the PTUAS now covers a wider range of technological improvements.
This includes essential areas such as:
- HVAC systems
- Water and steam utilities
- Advanced testing laboratories
- Stability chambers
- State-of-the-art clean room facilities
- Efficient effluent treatment and waste management
By supporting these critical infrastructure upgrades, the government aims to enhance the overall quality and safety of drug production in India.
Collaboration and Accountability
The revamped scheme promotes collaboration between the central and state governments.
Eligible pharma companies can now benefit from additional financial support through state-level schemes, maximizing the overall impact of the initiative.
To maintain transparency and accountability, a robust verification process has been introduced through a dedicated project management agency.
This mechanism will ensure that funds are utilized efficiently and effectively to achieve the desired outcomes.
Adherence to Global Standards
The PTUAS aligns with the revised Schedule M guidelines and World Health Organization (WHO) Good Manufacturing Practices (GMP) standards.
By encouraging pharma companies to adopt these stringent regulations, the government aims to enhance the reputation of Indian-made medicines in the global market.
Addressing Quality Concerns
The revamp of the PTUAS comes in response to growing concerns about the quality of Indian-made drugs.
Recent incidents of sub-standard medicines and related fatalities have underscored the need for stricter regulations and improved manufacturing practices.
India is a major exporter of pharmaceuticals to low and middle-income countries, many of which require WHO GMP certification.
The government’s efforts to upgrade the domestic pharma companies are crucial to maintaining India’s position as a reliable supplier of affordable and high-quality medicines.
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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