UP Govt preparing draft of Pharmaceutical Industry Policy 2023
According to the policy, the Yogi government would provide a 50 per cent interest for a maximum of 7 years on the loan received from a bank for the purchase of land to establish the industry, which will not exceed Rs 1 crore per year.
Lucknow: In an effort to make Uttar Pradesh a hub of pharmaceutical products in the country, the Uttar Pradesh government is preparing the draft of the Pharmaceutical Industry Policy-2023, the state government's official said on Thursday.
The new policy will be valid for the next five years after its implementation.
Chief Minister Yogi Adityanath, at a recent meeting, discussed the important changes required in the Pharmaceutical Industry Policy 2018 to implement proposals received during the Uttar Pradesh Global Investors Summit to the ground.
According to the Uttar Pradesh government, the Global Investors Summit-23 held in Lucknow attracted investment of Rs 28,402 crore from 212 companies in the pharmaceutical and medical equipment sector which will create 57000 new employment opportunities.
GN Singh, the Chief Minister's Advisor, said, "The new policy aims to improve the state's pharmaceutical and medical device industry by encouraging local production, promoting research and development, and improving the availability of affordable medicines to citizens.
"The upcoming policy will focus on creating a conducive environment for the development of the pharma sector in the state and providing subsidies, incentives and land to promote the pharmaceutical industry," he added.
He further informed that the main objective of the policy is to create a strong ecosystem for research and development by setting up state-of-the-art facilities and collaborating with academic institutions.
"The new policy is being prepared to boost the local economy, focusing on the need for specialized technology, quality control system and specialized ecosystem for the pharmaceutical and medical device sector," he said.
According to the policy, the Yogi government would provide a 50 per cent interest for a maximum of 7 years on the loan received from a bank for the purchase of land to establish the industry, which will not exceed Rs 1 crore per year. Pharma and Medical Device Park are receiving special focus.
The goal of the policy is to identify plots and develop parks for bulk manufacturing of allopathic, AYUSH products, medical devices and key ingredients used in bulk drug manufacturing.
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