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dear to you in the days to come Medicines can be found at low cost. In fact, Union Health Minister Mansukh Mandaviya said on Tuesday that the government is taking steps to increase production of such critical products to reduce dependence on import of high-value drugs. The Union Minister for Chemicals and Fertilizers said that manufacturing of components of high-end medical equipment in the country would be another major step towards self-reliance. “Working with a view to reduce import dependence through indigenous production, the government is focusing on production of high-value drugs and expensive medical equipment,” he said.
PLI scheme to increase drug production
Mandaviya said that the Department of Pharmaceuticals (DoP) has released the first installment of incentive under the Production Linked Incentive (PLI) scheme of Rs 166 crore to four selected applicants. DoP launched PLI scheme for pharmaceuticals in the year 2021 as part of the Atmanirbhar initiative of the government. The financial outlay under the PLI scheme is Rs 15,000 crore over a period of six years. So far 55 applicants have been selected under the scheme, including 20 Micro, Small and Medium Enterprises (MSMEs). FY 2022-2023 is the first year of production for the PLI scheme. For this, DoP has fixed Rs 690 crore as budget outlay.
Employment opportunities will also increase
The ministry said that against an estimated investment of Rs 17,425 crore in the pharmaceutical sector during the plan period, an investment of Rs 16,199 crore has been received by these 55 applicants in the first year of implementation of the scheme itself. Against the expected employment of one lakh in the six-year plan period, 23,000 people have been given employment so far. It said that DoP has received incentive claims of about Rs 544 crore from 15 applicants. It said that based on the assessment, four applicants – Dr.Reddy’s Lab, Biocon Ltd, Strides Pharma Science Ltd, Premier Medical Corporation Pvt Ltd – were found eligible for incentive claims of Rs 221 crore and 75 per cent of this amount (Rs 165.74 crore) has been released. So far 51 projects have been selected for 34 notified bulk drugs. In addition, a total of 21 applicants have been selected under the PLI scheme for medical devices with a financial outlay of Rs 3,420 crore.
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