| |SEPTEMBER 20248CABINET NODS HEALTH COVERAGE FOR SENIOR CITIZENS AGED 70 YEARS & ABOVESTRIDES BAGS SHAREHOLDER'S APPROVAL FOR ONESOURCE SPECIALTY CDMO UNITThe Prime Minister Narendra Modi-led Union Cabinet has given the green light for health coverage for all elderly citizens aged 70 and above, regardless of income, as part of the main scheme Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY). It is anticipated that around 4.5 crore families, including six crore senior citizens, will benefit from the decision with Rs. Health insurance cover of 500,000 on a family basis provided free of cost.Senior citizens who meet the requirements will receive a unique new card as part of AB PM-JAY. Senior citizens aged 70 and above from families already enrolled in AB PM-JAY will receive extra coverage up to Rs. 5 lakh per year for their own use (without having to split with family members under 70 years old).All seniors aged 70 and older will receive coverage up to Rs. An annual income of 500,000 on a household level. Individuals aged 70 and older who are currently receiving benefits from public health insurance programs like CGHS, ECHS, and CAPF can decide to stay with their current scheme or switch to AB PMJAY. The Center stated that individuals aged 70 and older with private health insurance or coverage through Employees' State Insurance are entitled to receive benefits through AB PM-JAY.The globe's biggest publicly funded health assurance scheme is AB PM-JAY, offering health coverage of Rs. 5 lakh per family annually for hospitalization in secondary and tertiary care facilities for 55 crore people, which is equivalent to 12.34 crore families. All individuals in the qualifying families, regardless of their age, are included in the program. 7.37 crore have been encompassed by the scheme. POStrides Pharma Science announced that it has gained approval from both equity shareholders and secured creditors to establish OneSource, a specialized pharmaceutical Contract Development and Manufacturing Organization (CDMO).In a statement to stock exchanges, the company announced that shareholders had approved the decision with a large majority. The company plans to next seek final approval from the NCLT, Mumbai Bench, and once granted, OneSource will seek listing approvals from the BSE and NSE.Obtaining approval from shareholders and secured lenders is essential in the process of establishing OneSource as an independent CDMO specializing in advanced areas such as biologics, complex injectables, and oral technologies."We believe OneSource will unlock considerable value for Strides' stakeholders upon its listing," said Arun Kumar, executive chairperson and Badree Komandur, managing director and Group CEO. "We remain committed to delivering on this promise," they added.The approval from shareholders for Strides' consolidation plan is in contrast to the resistance from at least two investment advisory firms. Proxy advisory firms IiAS and ISS advised investors to reject a proposal to merge certain businesses of renowned pharmaceutical firm and two group companies, citing the high valuation of one of the unlisted affiliates.On the contrary, Stakeholders Empowerment Services (SES), another proxy advisory firm, initially advised against voting but ultimately shifted its recommendation to support. POTOP STORIES
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