Schemes for promotion of Bulk Drugs & Medical Devices Parks

Union Minister for Chemicals and Fertilizers Shri DV Sadananda Gowda has launched four schemes for the promotion of domestic manufacturing of bulk drugs and medical devices parks in the country. The Department of Pharmaceuticals has formulated four schemes, two each for Bulk Drugs and Medical Devices parks. These schemes will work towards the development of Indian pharmaceutical capacities and reduce India’s dependence on imports, making it self reliant.

Boost your Banking Awareness Knowledge with Adda247 Live Batch: WARRIOR 2.0 | Banking Awareness Batch for SBI, RRB, RBI and IBPS Exams

The key features of the four schemes are:

The scheme will remain open for applications for a period of 120 days from the date of issuance of guidelines.
The applicants will receive the approval within 90 days from the closure of application window.
Applications will be received only through an online portal and the total financial outlay of the scheme is Rs 6,940 crore.
The Scheme for promotion of Bulk Drug Parks aims for the establishment of 3 bulk drug parks in the country. Maximum grant-in-aid for one bulk drug park is limited to Rs.1000 crore.
Production Linked Incentive (PLI) scheme for promoting domestic manufacturing of Medical Devices aims to boost domestic manufacturing of medical devices in four target segments. This will be achieved by offering financial incentives on sales to a maximum number of 28 selected applicants for a period of 5 years.
The Production Linked Incentive (PLI) schemes aims to boost domestic manufacturing of 53 bulk drugs, on which India is critically dependent on imports.