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Atmanirbhar Pharma Sector: Govt Clears 19 Applications With Committed Investment Of Rs 4,623 Crore Under PLI Scheme
Prime Minister Narendra Modi with Finance Minister Nirmala Sitharaman.
With an objective to attain self-reliance and reduce import dependence in India's pharmaceutical sector, the government has cleared 19 applications with a committed investment of Rs 4,623.01 crore under its ambitious production linked incentive (PLI) scheme for the promotion of domestic manufacturing of critical key drug intermediates and active pharmaceutical ingredients (APIs), reports Economic Times.
The development comes as the Department of Pharmaceuticals had launched a PLI Scheme for promotion of their domestic manufacturing by setting up greenfield plants with minimum domestic value addition in four different Target Segments -- two in fermentation based with at least 90 per cent and two in Chemical Synthesis based with at least 70 per cent - with a total outlay of Rs. 6,940 crore for the period 2020-21 to 2029-30.
The government had already cleared five applications under Target Segment I which involve a committed investment of Rs 3,761 crore.
Under Target Segment II which focuses on fermentation-based niche KSMs (key starting materials)/drug intermediates/APIs), the government has cleared eight applications, including those from Natural Biogenex Pvt Ltd, Symbiotec Pharmalab Pvt Ltd, Macleods Pharmaceutical Ltd, SudarshanPharma Industries Ltd and Optimus Drugs Pvt Ltd.
Under Target Segment III which focuses on chemical synthesis based KSMs (key starting materials)/drug intermediates, the government has cleared six applications, including those from Saraca Laboratories Ltd, EmmennarPharma Pvt Ltd, Hindys Lab Pvt Ltd, AartiSpeciality Chemicals Ltd, Meghmani LLP and that of Sadhana Nitro Chem Ltd.
Meanwhile, the applications for the Target Segment IV are proposed to be taken up for approval on 28 February.
With this, a total of 19 applications with committed investment of Rs 4623.01 crore have been approved by the government.
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