8 more drug manufacturers get approval under PLI scheme
Ministry of Chemicals and Fertilizers has recently approved 8 more manufacturers under PLI scheme for promotion of domestic manufacturing of critical Key Starting Materials (KSMs), Drug Intermediates and Active Pharmaceutical Ingredients (APIs) in the country. The setting up of these 8 plants will lead to total committed investment of about Rs.151.12 crore by the companies and employment generation of about 1,951.
The approval is given for Cyclohexane Diacetic Acid, Ofloxacin, Norfloxacin, Aspirin, Artesunate, Vitamin B6'.
The Indian pharmaceutical industry is the 3rd largest in the world by volume. It has high market presence in several advanced economies such as the US and EU. The industry is well known for its production of affordable medicines, particularly in the generics space. However, the country is significantly dependent on the import of basic raw materials, viz., Bulk Drugs that are used to produce medicines. In some specific bulk drugs, the import dependence is 80 to 100%.
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