The Jharkhand government said it is setting up a dedicated pharma park at Chanho close to Ranchi to attract investment in the pharmaceutical and allied sectors.  The Department of Industries is developing a Pharma Park and a Food Processing Park in Chanho Block of Ranchi, a statement issued by the state government said.

"The department has reserved an open area of 50 acres for the creation of the pharma park. As per the plan, the government has reserved 55 plots for allocation to micro, small, medium, and large-scale pharma industries," it said.

The pharma park will be built at an estimated cost of Rs 34.94 crore. Of this amount, the state government will give Rs 13.47 crore. Spread across 50 acres of land, the pharma park will increase Jharkhand’s share in the pharmaceutical business in the country. It currently stands at just one per cent.

The pharma park will be equipped with necessary infrastructure, including an administrative building, a canteen, a utility centre, road network, drainage system, bridges, and street lights among others.

The department is also working on the draft of a new Pharma Policy to attract investors from across the country.

At the recently held Investors' Meet, interested investors had raised concerns over the lack of provisions for medical equipment manufacturers in the old Pharma Policy of the state.

Jharkhand’s share in the pharmaceutical sector across eastern India is five per cent. Companies that are interested in investing in the upcoming facility can also avail several government benefits.

The state government has made a provision of up to 20 per cent subsidy on project investment while giving 100 per cent exemption on stamp duty and registration. Companies can also get the assistance of up to Rs 10 lakh on quality certification. A rebate of Rs 10 lakh on patent registration is also being offered.