Madhya Pradesh To Open New Drug Licensing Office In Indore
(MENAFN- KNN India)
Indore, Jan 4 (KNN)
Narendra Shivaji Patel, Minister of State for Public health and Medical Education, Madhya Pradesh government announced plans to establish a new drug licensing office in Indore.
The announcement came during his address at a Pharmaceutical products and machinery exhibition organised by the Indian Drug Manufacturers Association (IDMA).
The new office aims to eliminate the need for pharmaceutical companies to travel to Bhopal for licensing procedures.
Patel emphasised the government's commitment to enhancing the business ecosystem, promising to increase the number of drug authorities and officers if necessary.
The decision responds to industry demands, as 80 percent of the state's pharmaceutical companies operate from Indore.
During his address, Patel stressed the importance of ease of doing business and assured timely processing of permissions and approvals.
He encouraged industries to maintain regular self-assessment practices and offered the department's full support while seeking feedback and suggestions from the sector.
The pharmaceutical industry has welcomed the announcement while pushing for additional support measures.
Ajay Dassundi, Secretary, Madhya Pradesh State Drugs and Pharmaceutical Manufacturers Association, requested increased financial incentives for MSME pharmaceutical units.
These include raising the subsidy from 40 to 50 percent, implementing a 10 percent additional capital subsidy for two years, and providing a 5 percent interest subvention for seven years to support facility upgradation following the revised Schedule M implementation.
Industry leaders see significant growth potential in the global pharmaceutical market.
IDMA president Paresh Chawla noted that India currently holds 2.5 percent share by value and 10 percent by volume in the USD 1.5 trillion global pharmaceutical market.
He suggested that upgrading facilities to meet new Schedule M standards could help increase India's market share to 5-7 percent, while also advocating for concessions to local industries in state tender participation.
(KNN Bureau)
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