New Delhi, 25 May (IANS). The Department of Pharmaceutical has sought applications from pharmaceutical companies to set up new manufacturing units under Production Linked Incentive (PLI).
This application has been sought by the central government to increase manufacturing of 11 main pharmaceutical products.
The government’s move aims to strengthen the manufacturing ecosystem of drugs in India.
Products for which PLI scheme has been brought. They include essential antibiotics and pain relievers such as neomycin, gentamicin, erythromycin, stretomycin, tetracycline, siprofloxacin and dicloofenac sodium.
The last date to apply to the PLI scheme for pharmaceutical companies is June 14.
To take advantage of the PLI scheme, the government has also placed some conditions in front of the companies and will be provided incentives on the basis of available capacity, the prescribed limit for each product and the production time limit.
The incentive period for chemical synthesis products will remain till the financial year 2027-28, while for ferment based products it will last up to 2028-29.
However, companies that had earlier received approval and later withdrew their proposal or canceled their approval are not eligible to apply again.
The Pharmaceuticals Export Promotion Council of India (Pharmaxil) has encouraged its members to take maximum advantage of the opportunity.
Pharmacil Director General Raja Bhanu said that the scheme provides an important opportunity for companies to increase its manufacturing capacity in essential drug ingredients.
The PLI scheme for the pharmaceutical industry was first launched in 2020 and was later revised according to the needs of the industry. This includes a total of 41 products and its financial outlay is Rs 6,940 crore.
The government has started PLI schemes for about 14 major areas. These include bulk drugs, medical equipment, electronics, food processing and automobiles.
According to official data, by November 2024, about 764 applications were approved under these schemes, investing Rs 1.61 lakh crore (about 18.7 billion $ 18.7 billion). The government has so far distributed Rs 14,020 crore as incentive under 10 areas.
-IANS
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