Indian pharma industry to get government support

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Indian pharma industry to get government support

Generics/General | Posted 03/07/2015 0 Post your comment

In a bid to promote the manufacture of pharmaceuticals in the country, the Indian Government has announced plans to set up a Rs 500-crore venture capital fund to provide cheaper loans to firms looking to establish or upgrade manufacturing facilities.

The government has said that it is working on various proposals, including single window clearance for drug approvals, to rejuvenate the local pharma sector and make medicines more affordable. The steps were suggested by a task force formed by the Department of Pharmaceuticals (DoP) in a report submitted to chemicals and fertilisers minister Ananth Kumar.

Minister Kumar added that the steps are in line with the Indian Government’s agenda of promoting ‘Make in India’. The ‘Make in India’ initiative aims to make India the third largest pharmaceuticals market by 2020, making up 20% of global exports in generics and accounting for 49% of all drug master filings registered in the US. The initiative also had the goal of the Indian pharma industry producing US$45 billion in revenue for the country by 2020, with US$26.1 billion expected to come from generics by 2016. In order to realise these goals the Indian Government is pledging to spend US$200 billion on infrastructure by 2024.

The government is also planning to approve six pharma parks this year at an estimated investment of Rs 180 crore to promote pharmaceuticals manufacturing in the country.

The task force also suggested that the DoP could launch a scheme for giving financial assistance in the form of soft loans or interest subsidies for upgrading of selected pharma manufacturing facilities.

Indian government to launch own brand of generics

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Source: MakeInIndia