16 firms approved for pharma PLI scheme
The government has granted approvals to 16 firms under the pharma PLI scheme to manufacture drugs like valsartan, losartan, levofloxacin, sulfadiazine, ciprofloxacin, and ofloxacin among others. The aim of the scheme is to boost the production of key starting materials (KSMs), drug intermediates and active pharmaceutical ingredients (APIs), even as India focuses on reducing import dependence on these inputs.
The scheme will be in operation for financial years 2020-21 to 2028-29, and has provided for incentives aggregating to around Rs 15,000 crore with expected total incremental sales worth Rs 2.94 trillion and incremental exports of R1.96 trillion over six years.
“The setting up of these 16 plants will lead to total committed investment of ₹348.70 crore and employment generation of about 3,042 by the companies. The commercial production of these plants is projected to commence from 1 April 2023 onward,” ministry of chemicals and fertilizers stated.
In all, the government has announced Rs 1.97 trillion worth of PLI schemes for 13 sectors to boost investments and manufacturing in India.