Govt drafts new pharma industry policy to make state pharma hub: Official

Friday June 16, 2023

The official said that at a recent meeting, Chief Minister Yogi Adityanath discussed the important changes required in the Pharmaceutical Industry Policy 2018 to incorporate proposals received during the UP Global Investors Summit 2023.
Aiming to make the state a hub of pharmaceutical products, the Uttar Pradesh government is drafting the Pharmaceutical Industry Policy 2023, which will be valid for the next five years after implementation, a government official said on Thursday.

The official said that at a recent meeting, Chief Minister Yogi Adityanath discussed the important changes required in the Pharmaceutical Industry Policy 2018 to incorporate proposals received during the UP Global Investors Summit 2023.

According to the official, the Summit in Lucknow attracted an investment of Rs 28,402 crore from 212 companies in the pharmaceutical and medical equipment sector and it is expected to create 57,000 jobs.
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 revised policy will focus on creating a conducive environment for the development of the pharma sector in the state and prove subsidies, incentives and land to promote the pharmaceutical industry,” said Singh.

Singh said that the government would 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 specialised technology, quality control system and specialised ecosystem for the pharmaceutical and medical device sector,” said Singh.

According to the policy, the state government will provide a 50% interest for a maximum of 7 years on the loan received from a bank for the purchase of land to set up the industry, which will not exceed Rs 1 crore per year.
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.

The Indian EXPRESS