Lagatar24 Desk
Lucknow, June 15: The Uttar Pradesh government is preparing to draft the Pharmaceutical Industry Policy-2023 in an aim to make the state a national hub for pharmaceutical products, a state government official said on Thursday.
After its implementation, the new policy will be valid for the following five years.
At a recent meeting, Chief Minister Yogi Adityanath spoke about the important changes that must be made to the Pharmaceutical Industry Policy 2018 in order to put the proposals from the Uttar Pradesh Global Investors Summit into practise.
The Global Investors Summit-23 conducted in Lucknow attracted investment of Rs 28,402 crore , according to the Uttar Pradesh government, from 212 firms in the pharmaceutical and medical equipment industry, leading to the creation of 57,000 new job opportunities.
GN Singh, the Chief Minister’s Advisor, said, “The new policy aims to improve the state’s pharmaceutical and medical device industry by encouraging local production, promoting research and development, and improving the availability of affordable medicines to citizens.”
“The upcoming policy will focus on creating a conducive environment for the development of the pharma sector in the state and providing subsidies, incentives and land to promote the pharmaceutical industry,” he added.
He added that the policy’s primary goal is to build a robust ecosystem for research and development by establishing state-of-the-art facilities and working with academic institutions.
“The new policy is being prepared to boost the local economy, focusing on the need for specialized technology, quality control system and specialized ecosystem for the pharmaceutical and medical device sector,” he said.
In accordance with the policy, the Yogi government will pay a 50% interest rate for a maximum of 7 years on a bank loan received from the purchase of land necessary to establish the industry, provided that the annual interest rate does not exceed Rs 1 crore. Special attention is being paid to Pharma and Medical Device Park.
The policy aims to locate sites and create parks for the mass production of allopathic, AYUSH, medical devices and essential ingredients for bulk medicine manufacturing.
