Pharma, medical devices firms asked to begin production at earliest under PLI scheme

Published On 2021-04-21 04:30 GMT | Update On 2021-11-23 11:33 GMT

New Delhi: Chemicals and Fertilisers Minister Sadananda Gowda on Tuesday called upon the companies whose projects have been approved under the PLI scheme to start production at the earliest.

Gowda, while virtually addressing a workshop of selected applicants under the PLI scheme for bulk drug and medical devices, noted that sooner production starts, the quicker India will be able to provide pharma and medical devices products to domestic and global markets at competitive rates.

He said as the pandemic exposed the global vulnerabilities of the supply chains in the pharma sector, the Department of Pharmaceuticals launched the Production Linked Incentive (PLI) scheme for promoting domestic manufacturing of bulk drugs, with a financial outlay of Rs 6,940 crore across 53 APIs over six years.

He said the pandemic has also brought up opportunities to become self-reliant in production of active pharmaceutical ingredients (APIs) and key starting materials (KSMs), the building blocks of pharmaceuticals.

Gowda noted that the PLI scheme for the pharma and medical device sectors will also improve affordability and accessibility of pharma products.

He said the onset of Covid-19 has brought the world's attention to India and recognised its capabilities as a global, reliable supplier of drugs and medical devices, ready to serve at the time of need.

Terming India as a major hub for medical devices and diagnostics, he mentioned that the country has been serving more than 200 nations with its pharma products.

Gowda noted that pharma and medical device sectors could play a pivotal role in the country achieving the target of a USD 5 trillion economy.

Speaking at the event, Niti Aayog CEO Amitabh Kant said the PLI scheme is expected to make Indian manufacturers globally competitive and attract investment in the areas of core competency and cutting-edge technology.

It will also ensure efficiencies; create economies of scale; enhance exports; and make India an integral part of the global supply chain, he added.

Read also: 16 applications cleared under PLI scheme for drug intermediates and APIs

Article Source : PTI

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Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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Pharma, medical devices firms asked to begin production at earliest under PLI scheme

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