Medical Device | December 10, 2021
Indian government approves eight firms for PLI scheme
The setting up of these 8 plants will lead to a total committed investment of Rs. 260.40 crore
The setting up of these 8 plants will lead to a total committed investment of Rs. 260.40 crore
FDI increased 98% year on year in 2020 and pharma exports grew by 18% in the last financial year
A long waiting period for critical equipment and a 50% hike in the cost of APIs imported from China are among the immediate challenges
The scheme incentivizes the manufacturing of patented drugs and other high value drugs at an incentive rate of 10% of incremental sales
The govt has rolled out three schemes for promoting the manufacture of API
The Department of Pharmaceuticals launched the PLI scheme for promoting domestic manufacturing of bulk drugs, with a financial outlay of Rs. 6,940 crore across 53 APIs over 6 years
Indian government is expecting pharmaceutical industry to fetch incremental sales worth Rs. 294,000 crore and exports up to Rs. 196,000 crore by FY 2027-28
174 applications were received for 23 eligible products under Target Segment IV - Other Chemical Synthesis Based KSMs/ Drug Intermediates/APIs.
The company received approval for 2-Methyl-5Nitro-Imidazole (2-MNI) with a committed production capacity of 4,000 MT per annum.
Total incremental sales of Rs.2,94,000 crore and total incremental exports of Rs.1,96,000 crore are estimated during six years from 2022-23 to 2027-28.
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