New Delhi: The central government has approved a production based incentive scheme of about Rs.15 thousand crore for the development of the pharmaceutical industry. The plan is for the years 2020-21 to 2028-29.
The decision was taken at a cabinet meeting chaired by Prime Minister Narendra Modi on Wednesday. Under this scheme, the drug manufacturing companies in the country will get benefits and it will provide employment to the people. Large-scale production of medicines will reduce drug prices. Along with this, drug exports will also get a boost.
During the six-year period from 2022-23 to 2027-28, the pharmaceutical business is expected to sell for a total of Rs 2,94,000 crore and export of a total of Rs 1,96,000 crore. The total amount of incentives under this scheme will be around Rs 15,000 crore. Among the drugs to be encouraged for production are bio-medicinal, complex generic medicines, patent medicines or medicines which are close to patent termination, medicines used in the treatment of serious diseases, pharmaceutical drug intermediates, study drugs ; Auto immun drugs, anti-cancer drugs, anti-diabetic drugs, anti-infection drugs, cardiovascular drugs, psychotropic drugs and anti-retroviral drugs, in-vitro diagnostic equipment, other drugs approved, other drugs not manufactured in India.
