Data from the Department of Pharmaceuticals indicate India’s product-linked incentive (PLI) scheme has increased its investment in the pharma sector to increase dependency, supporting domestic manufacturers and decreasing import dependence.
The government said that the Indian pharma sector has attracted Rs. 29,268 Cr. to increase production capacities and diversify the pharmaceutical base. The investment total was Rs. 940 Cr. rising by 3.32% from April 2024. Production increased from 1,43,553 in April to Rs. 1,61,209 Cr. in May.
Under PLI employment for pharmaceuticals is increased by 20% reaching 71,763. The government data showed that the bulk drug segment saw investment rise to 3,737 Cr. from April. In May production increased by 10.3% reaching Rs. 1,067 Cr.
With pharmaceutical products, the medical devices sector has secured Rs. 958.72 Cr. investment. Production capacity has increased to 5,986 Cr. 17 new manufacturing facilities have turned the sector into a hub for technology and innovation which employed 5,396 people.
Dr. Vivek Desai founder and managing director of HOSMAC noted that the success of the PLI scheme extends beyond financial investment with strategic implications for India’s pharmaceutical industry. Reducing reliance on medical technology imports and boosting domestic production is vital as we head towards the union budget 2024-25.
