Government Approves Eight Companies Under PLI Medical Device Manufacturing Program, CFO News, ETCFO

The government has approved eight companies under the Production Incentive Program (PLI) to promote domestic manufacture of medical devices, the Ministry of Chemicals and Fertilizers said Thursday. The approvals were given at the ninth meeting of the empowered committee held on Nov. 25 after reviewing all applications in accordance with program guidelines, the ministry said in a statement.

“The establishment of these eight factories will result in a total investment of Rs 260.4 crore by companies and job creation of around 2,599. Commercial production is expected to start from April 1, 2023,” a- he added.

With that, the total of applications approved in the two cycles stands at 21 applicants with a committed investment of Rs 1,059.33 crore and job creation of around 6,411, the statement said.

The establishment of these factories will make the country largely self-sufficient in the specified target segments of the medical device sector, he added.

With the aim of boosting domestic manufacturing, attracting significant investment in the medical device sector, the Pharmaceuticals Department had launched a PLI program to ensure a level playing field for domestic medical device manufacturers with an expense. financial total of Rs 3,420 crore for the period 2020-21 to 2027-28.

In a separate statement, the ministry said the empowered committee also approved various candidates in the bulk drug segment.

The creation of eight factories would lead to a total committed investment of around Rs 151.12 crore by companies and to job creation of around 1,951, according to the press release.

Commercial production from these factories is expected to start from April 1, 2023, he added.

“With this, the total of applications approved during the two cycles amounts to 50 applicants with a committed investment of Rs 4,498.38 crore and job creation of around 10,743. The establishment of these factories will make the country self-sufficient to a large extent on these bulk drugs, ”the ministry said.

Currently India is heavily dependent on the import of basic raw materials – bulk drugs which are used to produce drugs.

For some specific bulk drugs, the dependence on imports is 80 to 100 percent.


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