In a bid to establish Uttar Pradesh as a prominent pharmaceutical hub in India, the state government is introducing significant changes to its existing pharma policy. These modifications aim to simplify the policy and make it more appealing to companies that had previously signed Memorandums of Understanding (MoUs) during the Global Investors Summit in February 2023, expressing their interest to invest in the state.
Under the leadership of Chief Minister Yogi Adityanath, discussions have taken place to address the necessary adjustments to the existing policy and provide additional incentives to investors. The result of these discussions is the introduction of the Pharmaceutical Industry Policy 2023, which will replace the Pharmaceutical Industry Policy-2018.
One of the key highlights of the new policy is the provision for the state government to offer financial support to investors. As per the policy, the government will cover 50 percent of the interest on loans obtained from banks for land acquisition, for a maximum period of seven years. The financial assistance is capped at Rs 1 crore per year.
The objective of this provision is to facilitate the establishment of pharmaceutical industries by easing the financial burden on investors. By subsidizing the interest on loans, the government aims to attract more companies to set up their manufacturing units in Uttar Pradesh.
The Pharmaceutical Industry Policy 2023 will emphasize the development of dedicated manufacturing parks for the bulk production of allopathic medicines, AYUSH products, medical devices, and key ingredients used in bulk drug manufacturing. The government plans to identify suitable plots of land and establish these parks to create an environment conducive to large-scale pharmaceutical manufacturing.
By consolidating resources and infrastructure, these parks will attract pharmaceutical companies, promote collaboration, and boost the overall growth of the sector. The establishment of such parks will not only provide a platform for increased production but also foster innovation and research and development within the industry.
A crucial aspect of the new policy is its emphasis on bolstering the state's pharmaceutical and medical device industry by encouraging local production and research. The government aims to reduce dependence on imported medicines and medical devices by incentivizing domestic production.
To achieve this goal, the policy proposes the establishment of state-of-the-art facilities and collaboration with academic institutions. By leveraging the expertise of educational and research institutions, Uttar Pradesh aims to foster innovation, promote the development of new drugs and medical devices, and create a robust ecosystem for research and development.
The Pharmaceutical Industry Policy 2023 aims to create a specialized ecosystem that nurtures the pharmaceutical and medical device sector. This ecosystem will focus on specialized technologies, quality control systems, and the integration of cutting-edge advancements.
By creating an environment that supports specialized requirements, the policy aims to attract investments and drive economic growth in the state. The government will facilitate the establishment of necessary infrastructure and provide subsidies, incentives, and land to promote the growth of the pharmaceutical industry.
The Uttar Pradesh government's proactive measures to revamp the pharma policy demonstrate its commitment to developing the state as a leading destination for pharmaceutical production in India. The introduction of the Pharmaceutical Industry Policy 2023, with its focus on incentivizing investment, creating dedicated manufacturing parks, and fostering a specialized ecosystem, is set to drive growth and innovation in the sector. These initiatives will not only boost the local economy but also improve accessibility to affordable medicines for the citizens of Uttar Pradesh.
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