The chemicals and fertilizers minister, who also holds the health portfolio, praised the industry players for playing a pivotal role during Covid times, not only domestically but also globally
Union Minister Mansukh Mandaviya on Friday complimented the bulk drug manufacturers for making efforts towards making the country self-reliant in the sector and also urged them to invest more in research for making the industry competitive globally.
The minister, in a virtual event, emphasised that the pharmaceutical sector in India, besides being a business venture, is also a sector of social and strategic importance, the Ministry of Chemicals and Fertilizers said in a statement.
The chemicals and fertilizers minister, who also holds the health portfolio, praised the industry players for playing a pivotal role during COVID times, not only domestically but also globally.
During the meeting, he urged the industry to invest in the area of research and innovation for sustainable global competitiveness by allocating adequate resources.
The government had announced a production linked incentive (PLI) scheme for bulk drugs in March 2020 to attain self-reliance in identified critical drugs.
Till date, 49 projects have been approved for 33 critical APIs with a committed investment of Rs 3,685 crore.
Out of the 49 projects, 8 projects with investment of Rs 335 crore and with an annual production capacity of 16,021 MT have been commissioned as on date, the ministry said.
Further, 12 projects with committed investment of Rs 504 crore and having annual production capacity of 18,614 MT are in advanced stage of completion for commercial production. They are expected to be completed by March 31, 2022, it added.
Representatives from Centrient Pharmaceuticals India, Meghmani LLP, Emmennar Pharma, Andhra Organics, Hetero Group, Sadhana Nitro Chem and Sreepathi Pharmaceuticals attended the event.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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