(MENAFN- KNN India) New Delhi, Mar 4 (KNN) India's Union health Minister, Mansukh Mandaviya, has highlighted India's strategic efforts to fortify its supply chain resilience and reduce dependence on single-country sourcing for crucial Pharmaceutical ingredients (APIs).
India's dependence on imported medical devices, currently standing at around 70 per cent, is expected to decline significantly with the inauguration of 39 Greenfield projects under the Production Linked Incentive (PLI) scheme for bulk drugs and medical devices.
The PLI scheme, aimed at bolstering domestic manufacturing, has already witnessed the inauguration of 27 Greenfield Bulk Drug Park projects and 13 Greenfield Manufacturing Plants for Medical Devices.
Mandaviya underscored the necessity for protective measures to shield the domestic pharmaceutical industry from global market fluctuations and unfair competition.
Despite past challenges, India has emerged as a self-reliant producer of critical APIs, with medical exports poised to soar to Rs 75,000 crore in the near future.
With over 12,000 pharmaceutical companies, the demand for bulk drugs remains pivotal in the sector.
Mandaviya emphasised the scheme's comprehensive approach, targeting the production of 41 Bulk Drugs with a total outlay of Rs 6,940 crore during the tenure of the scheme from 2020-21 to 2029-30.
Some 26 applicants for manufacturing of medical devices have been approved for 138 products under the PLI scheme with total financial outlay of Rs 3,420 crore between 2020-21 and 2027-28.
With an initial outlay of Rs 54,000 crore, the PLI 1.0 initiative garnered substantial industry interest, prompting the introduction of PLI 2.0 with an additional Rs 15,000 crore allocation.
The success of the PLI scheme underscores India's commitment to mitigating supply chain risks and fostering long-term growth in the pharmaceutical industry.
Mandaviya reiterated the government's dedication to implementing policies that encourage sustained investment and innovation, ensuring India's continued prominence as a pharmaceutical powerhouse on the world stage.
(KNN Bureau)
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