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Uttar Pradesh to bring investor friendly Pharma Policy
Chief Minister Yogi Adityanath discussed the necessary changes in the Pharmaceutical Industry Policy 2018 to incorporate proposals received during the UP Global Investors Summit 2023.
- By PharmaNews Live Desk
- New Delhi
- Jun 16, 2023
With an aim to make Uttar Pradesh a government hub for pharmaceutical products in the country, the State government is preparing the Pharmaceutical Industry Policy-2023, which will be valid for the next five years after implementation.
It is reported that Chief Minister Yogi Adityanath discussed the necessary changes that need to be made to Pharmaceutical Industry Policy 2018 in order to put into practice the proposals that were received during the Uttar Pradesh Global Investors Summit in February 2023.
The idea is to make the policy simpler and more attractive for the companies that have signed MoUs during the summit, and to provide more incentives to investors.
GN Singh, Advisor to the Chief Minister, said that 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 revised policy will focus on creating a conducive environment for the development of the pharma sector in the state and prove subsidies, incentives and land to promote the pharmaceutical industry,” said Singh.
According to Singh, as per the new policy, the state government will pay 50 per cent interest for a maximum of seven years on the loan received from a bank for the purchase of land to set up the industry, up to a maximum of Rs 1 crore per year.
The new policy also aims to create a strong ecosystem for research and development facilities and increase collaborations with academic institutions. The focus will be on the need for specialised technology, quality control system and specialised ecosystem for the pharmaceutical and medical device sector.
"Through the policy, the government will identify plots and develop parks for bulk manufacturing of allopathic medicines, AYUSH products, medical devices and key ingredients used in bulk drug manufacturing," said Singh.
According to the Uttar Pradesh government, the Global Investors Summit-23 conducted in Lucknow attracted investment of Rs 28,402 crore, from 212 firms in the pharmaceutical and medical equipment industry, leading to the creation of 57,000 new job opportunities.