Global private financial group supports the growth of development-stage biopharmaceutical company combatting cardiovascular disease, arthritis, and ageing.
Government has issued Operational guidelines for Production Linked Incentive Scheme of Pharmaceuticals. The Department of Pharmaceuticals notified the Production Linked Incentive (PLI) Scheme for Pharmaceuticals on 3rd March, 2021. The approved outlay of the scheme is Rs 15000 crore. The scheme envisages to create global champions out of India who have the potential to grow in size and scale using cutting edge technology and thereby penetrate the global value chains. Based on a series of consultations with pharmaceutical industry and stakeholders in the Government, the operational guidelines for the scheme have been prepared and issued on 1st June. The scheme is now open to applications from the industry.
Aarti Speciality Chemicals, a wholly-owned subsidiary of Aarti Drugs has received an approval accorded under Production Linked Incentive (PLI) scheme for pharmaceutical sector.
Government of India s Department of Pharmaceuticals under the Ministry of Chemicals and Fertilizers recently launched a Production Linked Incentive (PLI) scheme to promote domestic manufacturing by incentivising pharmaceutical manufacturers to set-up greenfield projects in India with a minimum domestic value addition in four different target segments (Two in Fermentation based - at least 90% and Two in the Chemical Synthesis based - at least 70%) with a total outlay of Rs 6,940 crore.
The objective of the scheme is achieving self-reliance and reducing import dependence in these critical Key Starting Materials (KSMs)/ Drug Intermediates/ Active Pharmaceutical Ingredients (APIs) in the country. The tenure of the scheme is from FY21 to FY30.
Shares of eight pharmaceutical companies rose by 0.5% to 3.4% after the cabinet approved Production Linked Incentive (PLI) scheme for pharmaceuticals segment.Hikal (up 3.46%), Neuland Laboratories (up 3.08%), IPCA Laboratories (up 2.85%), Alkem Laboratories (up 1.43%), Torrent Pharmaceutical (up 1.09%), Biocon (up 0.6%), Cadila Healthcare (up 0.58%) and Aurobindo Pharma (up 0.52%) were top gainers in pharmaceutical space.
The Union Cabinet on Wednesday approved Production Linked Incentive (PLI) scheme for pharmaceuticals over a period of Financial Year 2020-21 to 2028-29.
The scheme will benefit domestic manufacturers, help in creating employment and is expected to contribute to the availability of wider range of affordable medicines for consumers. The scheme is also expected to bring in investment of Rs 15,000 crore in the pharmaceutical sector.