Union Minister Sadananda Gowda launched four schemes of  Department of Pharmaceuticals

Union Minister Sadananda Gowda launched four schemes of Department of Pharmaceuticals

New Delhi: Union Minister for Chemicals and Fertilizers DV Sadananda Gowda launched four schemes of Department of Pharmaceuticals for promotion of domestic manufacturing of bulk drugs and medical devices parks in the country.

DV Sadananda Gowda said that this in line with the vision of Prime Minister Narendra Modi and his clarion call for making India Atma Nirbhar in pharma sector.

He said that for this the Government of India has approved four schemes, two each for Bulk Drugs and Medical Devices parks. He exhorted the industry and the States to come forward and participate in these schemes.

The list of 41 products contained in the scheme guidelines will enable domestic production of 53 bulk drugs. Financial incentives will be given to a maximum of 136 manufacturers selected under the scheme as a fixed percentage of their domestic sales of these 41 products manufactured locally with required level of domestic value addition.

The applicants will be selected on the basis of transparent composite evaluation criteria which include the annual production capacity committed by the applicant and the sale price of the product quoted by the applicant. Applicants quoting low sale price and higher production capacity will get higher marks in the evaluation.

The guidelines are available on the website of the Department of Pharmaceuticals.

It is expected that these schemes will make India not only self-reliant but also capable of catering to the global demand for the selected bulk drugs and medical devices. This is a golden opportunity for the investors since incentivisation to industry and world-class infrastructure support simultaneously will help in bringing down the cost of production significantly.

These schemes along with the liberal FDI policy in these sectors and an effective corporate tax rate of about 17% (including surcharge and cess) will give a competitive edge to India in the selected products vis-à-vis other economies. 

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