27 July 2020 | News
This opens door for critical API production & Manufacturing of High-end Medical devices
Image credit- PIB
Union Minister for Chemicals and Fertilizers DV Sadananda Gowda has launched four schemes of Department of Pharmaceuticals for promotion of domestic manufacturing of bulk drugs and medical devices parks in the country, two each for Bulk Drugs and Medical Devices parks. The guidelines are available on the website of the Department of Pharmaceuticals.
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 incentives would be subject to annual ceilings communicated in the approval letter. The incentives would be given for a period of 6 years. In case of fermentation based products, the rate of incentive is 20% for first four years, 15% for the fifth year and 5% for the sixth year. In case of chemically synthesised products, rate of incentive is 10% for all six years.
“We welcome the announcement of 4 new Medical Device Parks and Production Linked incentives (PLI) schemes. These schemes are targeted to promote manufacturing of medical devices in India which are competitive in quality as well as cost and help contribute to achieve Atmanirbharta in MedTech. These are also aimed at attracting global innovators as well as large domestic companies from allied industries to invest in MedTech.” – Pavan Choudary, Chairman and Director General, Medical Technology Association of India (MTaI)