Govt Budgets Rs 500 Cr for Pharma Upgradation
The government is setting aside Rs 500 crore for technological upgradation in the pharmaceutical industry. It will assist with cheaper loans to entities looking to upgrade their manufacturing facilities.
Also, the Department of Pharmaceuticals is working on a proposal to set up a venture capital fund that will offer cheap loans to startups for setting up their company. As per a senior official, both the plans are in an endeavour to revive the domestic pharma industry and to make medicines affordable. The official stated that, “Following the Make in India theme we want to boost our domestic output in the pharma sector. It is felt that there is a need to provide loans or subsidies to the companies for upgrading their technologies as per global standards.”
Parks are also being set up by the government for pharma products and medical devices. The government will also be increasing the Jan Aushadi stores all across the country to 3,000 outlets.