PLI scheme helped to reduce imports by encouraging domestic manufacturing of pharmaceuticals: Mandaviya
Premium- The minister urged the pharmaceutical sector to prepare a plan for the next 25 years
NEW DELHI : The Production Linked Incentive Scheme (PLI) scheme has helped the government to reduce imports by encouraging domestic manufacturing of pharmaceuticals. This has led to initiate production of more than 35 products in India, said the Union Minister of Chemicals & Fertilizers Mansukh Mandaviya on Thursday.
“The pharmaceutical industry has a vital role to play in realizing the vision of Aatma Nirbhar Bharat. Government initiatives such as the Production Linked Incentive Scheme (PLI) have been benefiting the sector," said Mandaviya while addressing the Indian Pharma - Global Health Care‘ event to celebrate Diamond Jubilee of Indian Drug Manufacturers’ Association (IDMA) in Mumbai.
“Through Production Linked Incentive Scheme, the government has tried to reduce imports by encouraging domestic manufacturing of pharmaceuticals. PLI scheme has led to initiate production of more than 35 products in India," he said.
The minister urged the pharmaceutical sector to prepare a plan for the next 25 years.
“Government is helping industry by amending Drugs and Cosmetics Act, 1940 and promoting Ease of Doing Business. We are involving industry in decision-making processes," he said.
Recalling the contribution of the pharma sector, the Minister said that Indian pharma industry is being referred to as the ‘pharmacy of the world. During the first wave of COVID-19 pandemic, India supplied medicines to 125 countries.
Meanwhile, Union Pharma Secretary S Aparna highlighted the role of innovation and research in ensuring growth and development of the pharma sector and appealed to IDMA to develop a strategy to exploit this opportunity.
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Aparna urged IDMA and the industry to address the problems in strategy and plans in order to build an acceptable level of drug security on a sustainable basis.