The Government of Uttar Pradesh is taking important steps to establish the state as a major hub for pharmaceutical products in India. Keeping this goal in mind, the state government is preparing the draft of the Pharmaceutical Industry Policy-2023. The policy, to be implemented for the next five years, aims to promote the local pharmaceutical and medical device industry, promote research and development, and improve access to affordable medicines for the citizens of Uttar Pradesh.
Purpose and main focus
- The primary objective of the Pharmaceutical Industry Policy-2023 is to promote the overall development of the pharmaceutical sector in the state.
- By focusing on local production, research and development, and ensuring availability of cost-effective medicines, the policy aims to create a strong ecosystem for growth and innovation.
Encouragement and support
- To promote the growth of the pharmaceutical industry, the policy outlines various incentives and support measures.
- The government is planning to provide subsidies, incentives and land to encourage setting up of pharmaceutical companies.
- In addition, special attention will be paid to creating an environment conductive to research and development by collaborating with academic institutions.
Target Sector and Manufacturing
- In the Pharmaceutical Industry Policy-2023, a lot of emphasis has been laid on the pharmaceutical and medical device sector.
- It aims to identify plots and develop dedicated parks for bulk manufacturing of allopathic and AYUSH products, medical equipment and essential ingredients used in pharmaceutical manufacturing.
- This focus on manufacturing will facilitate the growth of the industry and generate employment opportunities.
loan interest and investment
- To attract investment and promote the development of industry, the government provides a remarkable incentive in the form of loan interest subvention.
- Under this policy, the state government will provide 50% interest subsidy on loans for land purchase, up to a maximum of seven years.
- This financial assistance will assist in setting up of pharmaceutical facilities and encourage investors to participate in the development of the industry.